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[QUOTE="katetrades, post: 48330, member: 21862"] [b]EUR/USD: Ascending Triangle (July 22, 2013)[/b] EUR/USD is still stuck in consolidation for now, with an ascending triangle pattern forming on its 1-hour time frame. An upside breakout could signal that the pair is headed all the way up to the previous high around 1.3400 while a downside break could mean that EUR/USD will be on its way to test the former lows around 1.2750 again. Stochastic is in the overbought region, suggesting that a downward move might be more likely as euro bulls are running out of steam. However, the oscillator has yet to cross down before the sell signal is confirmed. [IMG]http://www.tradersway.com/var/tw/storage/images/media/images/eu/18463-1-eng-US/eu.jpg[/IMG] There are no major reports on deck from the euro zone today but the US will be releasing its existing home sales report. A strong figure could trigger enough dollar buying to push EUR/USD below the bottom of the triangle, but the upcoming reports for the week could be more crucial in sustaining momentum. [I]By Kate Curtis from Trader's Way[/I] [/QUOTE]
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