The Euro formed a bearish double-top pattern around $1.514 and then crashed through support at $1.4823, says the team at InterpreTA.
Our target of $1.463 has already been exceeded, followed by a correction up to $1.4684. Momentum on the MACD oscillator has unwound from oversold levels and now the drop through the 1.4587 signals fresh falls towards $1.4481. Sell around $1.463-$1.467, targeting $1.4481. Subsequent support lies at $1.439 and $1.435. Exit short positions above $1.4684.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.
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