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19th May - Euro Sterling has broken

19 May 2014

TECHNICALS:

Weekly chart

 

After a long period of uncertainty the strengthening of Sterling against the Euro looks set to continue.

Note the breakdown through the prior High from 2011 and the Prior Low from early 2014.

Note too the coincidence of the Fibonacci retracement support level.

Daily chart

The detail of the daily price action emphasizes the breakdown through the Prior Lows of this year.

Note the clear oppurtunity provided by the market to go better off the Prior Lows with a Key Reversal.

Yet the bears have clearly prevailed

 

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Next story:
23rd May - Key Reversal Week in EUR/USD Spotted

Previous story:
18th May - CRB Index Holds Above Key Support For Now

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