Technical Analysis for Forex Trading

The EURUSD currency pair bankrupt through the resistance level at 1.3500, reaching the highest level since November 2011 at 1.3585. In the previous technical analysis of the pair, we noted that «the pair was trading in the range 1.3250-1.3400 during the past two weeks that is likely to form the «rectangle ” trend continuation pattern with technical target near 1.3550.” The goal was achieved quickly, but the main “achievement” of the pair, in our point of view, is precisely to overcome psychologically and technically important resistance level at 1.35 (50% Fibonacci extension level for the downfall from 1.4940 to 1.2040) that is a positive factor for the single currency.

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