EUR/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair, EUR/USD, peaked at a two-year high on October 25; however, this jump was too arduous for pair and the single currency commenced a bearish trend against its U.S. counterpart that lasted until the pair reached a two-month low. This low represents an apex of the double bottom pattern that was started during a sharp decline in EUR/USD rate. The currency couple has recently re-approached this low for the second time, suggesting that an accelerating advance is likely to occur before long, especially given that the pair has already jumped above the formidable resistance sitting at 50-hour SMA that had been blocking an upside.
© Dukascopy Bank SA
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Wed, 06 Nov 2013 07:25:49 GMT

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