Multiple Data Points
02/11/2015 7:00 am EST
Since a range is a range until it’s not and traders must respect this, Christopher Terry, of iMarketsLive.com, shares a video in which he takes a technical look at the charts for both the S&P E-Mini Futures and this currency pair and points out the level to watch for a breakout.
The daily chart for the S&P Futures has been forming a large triangle pattern as we identify by the multiple data points it has created. The market has been holding firm up against the upper trendline of this range, however it is still important to note the level to watch for a breakout.
Traders should be watching for a breakout above the 2069 level with volume and impulse for a 25-35 point drive higher. Should this market fail a breakout, traders should expect trading back to the middle of its range at 2020/2010 zone.
Looking at the daily chart of EUR/USD, forex traders should note that it is attempting to form a higher low, and should this occur, look for a swing toward 1.1600 to 1.1700 zone for a potential shorting opportunity.
By Christopher Terry, Contributor, iMarketsLive.com