ChaosTrader63
Long

EUR vs USD Ascending Triangle Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
625 0 1
Looking at the chart of the EUR vs USD we can see an ascending triangle pattern has developed where the magenta colored triangle is drawn. Ascending triangle patterns are usually bullish continuation patterns with the market making higher lows but same level highs. This formation is like compressing the market at which point the market must eventually bust out of the compressed level. Price has broken the resistance level of the triangle on 12/12/12 where we have entered the market. Price has moved higher and has bounced off of the first profit target at 1.32514. Currently price is retracing and I am looking for price to bounce off of the support of the triangle. At this point reentering the market off of the bounce would be ideal or we can wait for price to break the first profit level at 1.32514. Entering at support and resistance levels gives you a nice place for a stop loss. Taking a trade between support and resistance levels increases your stop loss level so best to enter as close to S&R as possible.
Once price breaks resistance level at target # 1 @ 1.32514 I am looking for the market to move higher to the second target level and possibly retrace before eventually moving on to the third target at 1.34525
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out