A few weeks ago, I have pointed out that the EUR/USD was in a major phase of consolidation following a double-bottomed fall in early November, with the possibility that the correction movement would have a further boost which would push the asset price to its lows at the end of September. However, and in a prime example of the importance of active trading management, the Euro has revealed buying strength that has enabled it to form a pattern not only nullified the previous double top, but also created a bullish opportunity through a double bottom formed between mid-November to 1st December.
The new pattern paves the way for a primary price recovery to the early November highs of close to $ 1.179, but as in recent days it is important to keep an eye on the chart’s development as the interests may push the price to Above today or may give way to other opposing interests tomorrow to a price drop. All will be in the chart in order to have the most reliable information of this change of movement when should it occur.
