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

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!