EUR/USD Breaking Out of Ascending Triangle Pattern – is it Good Time to Buy?
Arslan Butt • 1 min read
One of the major currency pairs, EUR/USD, is on a bullish move, trading around 1.1338, adding +0.0018 points and +0.15% today.
Key technical points:
- It was trading in an ascending triangle pattern which supported the pair around $1.1315 with resistance around $1.1340.
- EUR/USD is peaking out of an ascending triangle pattern (resistance level of $1.1340) on the hourly chart, and closing outside this range may add further buying in the pair.
- Interestingly, the EUR/USD pair has formed “three while soldiers” on the 2-hour timeframe which is adding further bullishness.
- The relative strength index (RSI) has crossed above 50, supporting buying in the pair.
EUR/USD – Trade Idea
The idea is to stay bullish above 1.1312 with a stop loss below 1.1290 and take profit around 1.1350.