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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments