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

The signal currency Euro seems to get stronger against the dollar in order to complete the retracement. Technically speaking, the EUR/USD...


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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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anil
anil
6 years ago

Wow! This is exceptionally brilliant!

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