The EUR/USD pair when higher during the session on Thursday, and broke the top of the shooting star that had formed on Wednesday. Because of this, we deftly feel that this market is going to try and test the weekly down trend line that is just above. There is a longer-term descending triangle that is threatened at this point time, so it is very possible that we will see some type of resistive candle just above current pricing. If that’s the case, we would not hesitate to start selling because quite frankly, this would be a continuation of a much larger trading pattern. If we close above the weekly downtrend line on the daily chart, at that point time we feel that the Euro will have broken out and it’s time to start buying.
Written by FX Empire