EUR/USD is consolidating sideways

Russell Shor, CFTe, MFTA FXCM

The above is a daily chart of the EURUSD. We note that the pair is consolidating in a symmetrical triangle pattern. The RSI(9) is also oscillating around the 50 level (blue rectangle) which is typical of a consolidation period. We are now awaiting a directional break from the pattern. If the RSI (9) moves in the direction of the breakout (developing space between itself and the 50 level) this will give support to the directional break.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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