An interesting pattern is seen on the euro/dollar chart, with the pair trading above a double bottom line. What does this mean for the next moves for the pair? The team at RBS also examine GBP/USD in the analysis below: Here is their view, courtesy of eFXnews: The EUR/USD has been trading comforably above a key long-term support level of 1.2384, being the 23.6% retracement from the 2012 impulse wave, notes RBS. “It has also posted a low of 1.2358 and failed to break below on the second test, indicating a possibility of a double-bottom formation and a subsequent bounce back to 1.2600 onto 1.2750 and 1.2840 should the pattern materialise,” RBS projects. “Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a bounce and target 1.2043,” RBS adds. In Cable, RBS notes that the pair found support at the 1.5606 retracement level (50% of Jan – Mar 2013 impulse wave), and there is an increasingly likely period of consolidation of marginal upside expected, as the price stays above the key support levels and oscillators suggest a pause in the downtrend is looming “Therefore, with the caveat of a break below 1.5600 (opening 1.5424), expect the price to consolidate within 1.5600 – 1.6000 area with further big move depending on the test of 1.5600 support and oscillators developments,” RBS project. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next ‘Double-Up Profit’ campaign announced by Orbex Yohay Elam 8 years An interesting pattern is seen on the euro/dollar chart, with the pair trading above a double bottom line. What does this mean for the next moves for the pair? The team at RBS also examine GBP/USD in the analysis below: Here is their view, courtesy of eFXnews: The EUR/USD has been trading comforably above a key long-term support level of 1.2384, being the 23.6% retracement from the 2012 impulse wave, notes RBS. "It has also posted a low of 1.2358 and failed to break below on the second test, indicating a possibility of a double-bottom formation and a subsequent bounce… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.