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EUR/USD remains in consolidation pattern

FXStreet (Bali) - EUR/USD continues to trade in a consolidation pattern on dull summer markets, with supply at 1.3420-50 key on the upside, while solid buying interest keeps emerging at 1.3335-40.

Jim Langlands, Founder at FXCharts, notes: "The short term triple bottom at around 1.3335 remains intact and this needs to give way before the Euro can head lower towards 1.3294 (7 Nov ’13 low) below which, more distant targets are seen at 1.3228 (61.8% of 1.2754/1.3993) and then eventually at 1.3104 (6 Sept ’13 low)."

If the Euro manages to break higher through 1.3415, Jim expects the pair "to see an acceleration towards last Friday’s spike high at 1.3433, above there, a bit unlikely today, we could then be in for a run up towards 1.3470 (38.2% of 1.3699/1.3332) and possibly 1.3485 (23.6% of 1.3993/1.3332/ daily Kijun)", Jim said.

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