BambooGrowth
Short

EURUSD - Triangle Breakout Strategy

FX:EURUSD   Euro / U.S. Dollar
146 0 4
Target:
I’m sure you recall the March 10th ECB-inspired move on the EURUSD             . At nearly 400 pips, it was the largest single-session move since the previous ECB rally on December 3rd of last year. In fact, it remains the second largest single-session move of 2016 behind the June 24th Brexit.
The March 10th low at 1.0820 has teamed up with the post-Brexit low at 1.0910 to form what appears to be the lower boundary of a wedge pattern.

Resistance :
One level that is likely to be problematic for buyers should they manage to push prices higher is the 1.1060 handle. This is the December 2015 high and also acted as a key pivot between February and March. Above that the recent lows at 1.1120/40 are sure to attract offers should price extend that high.
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