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Sterling Euro Possible Breakout

Currencies / British Pound Feb 26, 2010 - 07:56 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleThe Technical Trader’s view:


MONTHLY CHART

After the bull surge for the Euro from the completed Head and Shoulders Reversal the market has been consolidating in a large triangle since the beginning of 2009.

Triangles tend to be continuation patterns.

Look closer.

WEEKLY CHART

The detail of the possible triangle is clearer here.

But it is far from completion.

Within the Triangle there is a possible bull falling wedge

Look closer still.

 

DAILY CHART

The market is on the point of completing that wedge – a confirmed close above 0.8887 in the next few days should see fresh buying.

Notice the 0.8838 resistance has been overcome - that was quite a considerable bull feat ( it was a 50% retracement resistance too) and suggests the bulls have a good deal further to go on the upside - entailing a clear break of the wedge. Note too that the 61.8% Fibonacci is coincident with the break of the wedge adding to the bull energy on a breakout.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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