© Dukascopy Bank SA
Pair has been appreciating for more than 4 month now. It might be that this pattern marks a clear turnaround after the pair depreciated from 2.11 on October , 2008, to 1.16 on August, 2008. In support for this comes the fact that we have a 3 year high (1.4995) as the pattern's high. Short term technicals suggest that pair should appreciate before cooling off a bit. Most likely at the mentioned 3 year high. Long term, however, should remain bearish and we could expect more upward sloping pattern's in the future.
© Dukascopy Bank SA