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Contributors Chart of the Day for August 19th, 2013

By Ilya Spivak

Prices continue to consolidate in a large Triangle chart pattern carved out since late February. The pair is edging higher from support at 97.28, the 50% Fibonacci retracement, eyeing resistance at the 38.2% level (98.80). This barrier is reinforced by the Triangle top at 99.25. A break above that initially exposes the 23.6% Fib at 100.69. Alternatively, a reversal below support eyes the 61.8% retracement at 95.76. On balance, the Triangle setup hints at bullish trend continuation.


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