EURUSD, Moving In Triangle, Upside Breakout More Possible!

Hello Traders Investors And Community, welcome to this update-analysis about EURUSD where we are looking at recent events, the current price-structure-formation and what we can expect the next days and hours from EURUSD . The last time I mentioned this pair we I forecasted the huge bullish trend which brought EURUSD from almost 1.1 to its high at 1.41 with a decent growth where it confirmed resistance now and formed a smaller pull-back into the range between 1.117 to 1.33 where it is consolidating and building a range if you did not saw this prediction I highly recommend to you that you look at it when going to my account. For now, there are some interesting and decisive signals I detected that can determine the further outcome of EURUSD , therefore we are looking at the 4-hour timeframe.

As you can see in my chart EURUSD is trading in the range between 1.117 and 1.33 where it is forming a triangle currently that is marked in blue within my chart. This triangle will confirm either to the up or downside and the big question now will be in which direction the breakout occurs for a better trade entry and possible opportunity spotting in the structure. As EURUSD has some good and solid support at the 150-EMA you can see marked in black in my chart and furthermore the 23.6 % Fibonacci-support in that level it has some healthy support in this range where it will have a hard time moving below and confirm it to the downside, therefore the bullish confirmation scenario is more possible at the moment as you can watch it marked in my chart with the percentage probability.

The breakout can be traded either aggressively with an immediate entry in the triangle before it even confirmed or conservative with the confirmation of the triangle when the decisive volatile move occurred. As the triangle has not yet confirmed it is wiser in such a situation to wait on the confirmation before placing the trade, although the bearish confirmation is still possible the probability is really marginal therefore a long-position open when the triangle has properly confirmed to the upside will be the best decision in this environment. When the more likely bullish scenario has confirmed properly the targets will be at the 1.14 level which is also the upper boundary resistance that you can see marked in my chart with the orange level.

In this manner, thank you for watching, support for more market insight, have a great day and all the best to you!
Success is a science; if you have the conditions, you get the result.

Information provided is only educational and should not be used to take action in the markets.

Comment:

Wow EURUSD Broke above the upper resistance without the further consolidation and second confirmation, now the upside targets are activated.

Comment:

EURUSD moved on with the higher possibility likelihood scenario and formed the bullish breakout to start a strong trend.

Initial target-zones reached and continued trend target-zones reached as well.

Comment:

ANALYSIS UPDATE: On the 4-Hour Timeframe Perspective EURUSD showed up with the more possible breakout scenario.

Comment:

ANALYSIS UPDATE: EURUSD on the middle- to long-term changed important dynamics. Updates are in my latest TradingView ideas.