Range Markets

<img class="wp-image-2083 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-26-at-1.10.49-PM.png" alt="" width="699" height="496" />Although the currency exchange rate was fluctuating in an ascending triangle, releases of better than expected American data forced the pair to stop testing the weekly R1 at 114.19 and make a breakout in the southern direction. As the rate has already passed through the 55- and 100-hour SMAs, it is expected to continue the plunge.

However, there are two support barriers on the way that might turnaround the pair one more time. The first one is located between the 113.25 and 113.21 marks, while the second one represents the rising 200-hour SMA.

Daily chart suggests that the pair will not manage to slip below the 113.00 level, as that that area represent location of the lower support line of the dominant rising wedge pattern.

<img class=" wp-image-2082 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-26-at-1.11.02-PM.png" alt="" width="605" height="402" />

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