EURUSD Short Term Bullish Pattern

Published October 1st, 2009 - 12:31 GMT
Al Bawaba
Al Bawaba

EURUSD weakness has been contained by channel support and the latest test could be the right shoulder of a short term inverse head and shoulders bottom.  Trading above 1.4680 would complete the pattern and project a move to 1.4840 (the high).  Risk should be kept to 1.4524.  A move below there would represent a break of the channel and open the door for a drop to 1.4410/50.