EUR/USD Rallies, Triple Top Pattern In View - Forex News by FX Leaders

EUR/USD Rallies, Triple Top Pattern In View

Posted Thursday, September 13, 2018 by
Shain Vernier • 1 min read

The forex has been alive throughout today’s U.S. session. Following announcements from the European Central Bank (ECB) and the lagging CPI number out of the U.S., exchange rates across the majors have been in a state of flux. The Greenback has been the big loser on the day, slipping against the Euro, Swiss franc, and British pound. One of the biggest movers-and-shakers has been the EUR/USD, with values driving north toward a key technical area.

EUR/USD Technical Outlook

Today’s action in the EUR/USD has brought the Triple Top Pattern near 1.1750 into view. Several weeks back, we just missed out shorting this level. Price rallied to 1.1733 before posting a nice 200 pip reversal.

EUR/USD, Daily Chart
EUR/USD, Daily Chart

Here are the levels to watch for the remainder of the forex session:

  • Resistance(1): Psyche Level, 1.1700
  • Resistance(2): Triple Top, 1.1750

Bottom Line: Until Friday’s closing bell, I will have sells queued up from 1.1744. Using a large initial stop at 1.1801, this trade produces 50 pips when implementing a sub-1:1 risk vs reward management plan.

With U.S. Retail Sales (August) due out during tomorrow’s U.S. pre-market hours, this trade has a chance of going live before the weekend break. In the event that it does, be sure to check out the Comments section below for tips on how to minimize risk while maximizing reward.

Timing will be everything in relation to the success or failure of this trade. Earlier in the week, a surprise API crude oil stocks report doomed a USD/CAD long position. Thursday’s USD/JPY recommendation went unelected and void into today’s CPI release. With a bit of luck, this EUR/USD Triple-Top short will hit entry by the end of the week.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles

Leave a Reply

Notify of