justatrader

EURUSD formed an inside bar - Breakout in the making?

FX:EURUSD   Euro Fx/U.S. Dollar
After rallying strong on last Friday's NFP print, EURUSD             has remained flat on Monday/Tuesday, forming an inside bar at the top end of the rally. A breakout is therefore likely to set the direction in the near term.

To the upside, 1.140 is the key level to watch, a break higher could extend gains above 1.140 but keep prices range bound below 1.15.

To the downside, 1.130 is the key level to watch out for which could see EURUSD             slide towards 1.120 and to 1.10.

For you Fib fans, 1.1418 remains the 61.8% retracement level of the previous decline from 03/05 highs of 1.16163 and 30/05 lows of 1.10978.
Comment:
snapshot


The inside bar breakout is not looking convincing at all especially with 1.140 resistance sitting to the upside. The 4-hour chart shows a rising wedge pattern. A break down below 1.140 could signal a move to 1.130 support.
i think ur right on this, break out to top side 1.147-1.149
+1 Reply
Yep, hard to see further gains beyond the levels mentioned.. Unless there is some fundamental catalyst not already discounted. At best, weak longs post NFP rally could be at risk of a shake out.
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Your fork is reallly really wrong, WHY did you chose to put it there ? I DO NOT SEE any reason for the lines, not any relationship, no NOTHING. please explain to the NEWBIES like me
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justatrader PRO PatternSniper
Why don't you start by showing how you would draw the fork? Perhaps that would be a good starting point. And also please validate/explain why you think its wrong.
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snapshot


The inside bar breakout is not looking convincing at all especially with 1.140 resistance sitting to the upside. The 4-hour chart shows a rising wedge pattern. A break down below 1.140 could signal a move to 1.130 support followed by 1.1212.
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