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28 Feb 2014
Falsh: EUR/USD: Catapult continuation pattern in the working - FXStreet
FXStreet (Córdoba) - Gonçalo Moreira CMT, FXStreet Technical Analyst notes that the 1.3650 area proved to be the floor from where buyers caught the euro-bull by the tail.
Key Quotes
"The potential demand identified at this price level was inferred from the available trading positions at FXStreet in recent analysis. Some added fuel from short covering was also expected in case of a rally ensuing, taking into consideration that the average trade length from sellers was more than triple than from those going long the EUR/USD".
"With the euro now unanimously bid, the point and figure structure has formed a so-called catapult pattern. As anticipated last Friday, "Should this significant breakout suffer a correction back to the consolidation pattern holding 1.3580 intact, a reassertion of the previous column high would be a very strong bullish signal".
Key Quotes
"The potential demand identified at this price level was inferred from the available trading positions at FXStreet in recent analysis. Some added fuel from short covering was also expected in case of a rally ensuing, taking into consideration that the average trade length from sellers was more than triple than from those going long the EUR/USD".
"With the euro now unanimously bid, the point and figure structure has formed a so-called catapult pattern. As anticipated last Friday, "Should this significant breakout suffer a correction back to the consolidation pattern holding 1.3580 intact, a reassertion of the previous column high would be a very strong bullish signal".