The NZD/USD currency pair suffered a heavy decline during the last two weeks of September this year after the double top pattern held nicely for that month. The recovery from the lows of September (6511.6) has been somewhat choppy for this pair, making it difficult for traders using tight stops to get a handle on direction.
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EUR/USD edges higher after weekly loss
Having ranged over the past couple of months (A) EUR/USD prices huddled yesterday at twin support (1) after this week’s losses, with some gains during this early mornings session. In order to recapture last weeks high, which was established last Friday at 1.18329, prices first need to overcome short term descending trend line resistance from the September highs.