By Admiral Markets
The EUR/USD has been one of the slowest moving pairs recently. The ATR of 69 for the last 14 days suggests easy going price where investors and traders might possibly waiting for the breakout. Previous bullish SHS pattern (inverted head and shoulders) made the pair spike to 1.1284 where it formed a flat top ascending triangle. By it’s standard definition, the triangle s bullish and bulls could go for a triangle breakout if it happens. The breakout of 1.1290 should target 1.1320-30 zone (D H5/W H3) and eventually on a 4h close above 1.1320 the target is 1.1375. Because the EUR/USD is kept in a consolidation mode inside a bullish triangle a break below 1.1225 would possibly negate a bullish scenario.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
Free Reports:
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: EUR/USD Flat Top Ascending Triangle Consolidation
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