Bullish breakout in the EUR/USD - Time to take a buy position! - Forex News by FX Leaders

Bullish breakout in the EUR/USD – Time to take a buy position!

Posted Monday, September 10, 2018 by
Arslan Butt • 1 min read

The single currency Euro seems to get stronger against the dollar in order to complete the retracement. Technically speaking, the EUR/USD has formed a double bottom pattern on the 4- hour chart and it’s providing a solid support to EUR/USD at $1.1530.

Historically, the double bottom pattern is considered a bullish reversal setup and often changes a trend of the market. In addition, on the fundamental side, we don’t have much from the US economy, which is why we need to rely on the technical analysis.

That being said, I have opened a buying position in the EUR/USD at $1.1567 to target $1.1590. Let’s see how the market goes. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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Wow! This is exceptionally brilliant!