EUR/USD Breaking Out of Ascending Triangle Pattern – is it Good Time to Buy? - Forex News by FX Leaders

EUR/USD Breaking Out of Ascending Triangle Pattern – is it Good Time to Buy?

Posted Monday, March 18, 2019 by
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.

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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