The EUR/USD pair has been in a tightening range after a very strong move a couple weeks ago. This has formed a triangle formation and points to breakout either higher or lower of roughly 400 pips from the breakout point. With the overall trend still up, the bias is for a break to the upside, yet the lower support line of the triangle will need to hold. Otherwise a move down is expected. On the downside (and upside) there are major support levels (resistance levels) which need to watched after the breakout occurs – these include recent swing low (and high) areas.
Source: Forexyard - EUR/USD - 4 Hour
~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!
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Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
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Tags: eur, eur/usd, forex, forex broker, forex market analysis, forex market commentary, forex signals, forex technical analysis, forex trades, free forex signals, usd
EUR/USD Trade Idea – Aug 16/17
The EUR/USD pair has been in a tightening range after a very strong move a couple weeks ago. This has formed a triangle formation and points to breakout either higher or lower of roughly 400 pips from the breakout point. With the overall trend still up, the bias is for a break to the upside, yet the lower support line of the triangle will need to hold. Otherwise a move down is expected. On the downside (and upside) there are major support levels (resistance levels) which need to watched after the breakout occurs – these include recent swing low (and high) areas.
Source: Forexyard - EUR/USD - 4 Hour
~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!
————————-
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.
Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.