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!

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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