EURUSD Triangle Breakout and Additional Short Opportunity

Pair / Instrument:EURUSD

Fundamentals: Better than expected US Jobs and Earnings data. Mixed EUR Data.

Weekly Chart: Bearish.

The pair is below all main Moving Averages. Trading in the lower Bollinger Bands.

Daily Chart: Bearish.

EURUSD ended the week below EMA 50, 100 and 200.RSI headed south, moving to negative territory. Testing the median line – SMA 20 – of the Bollinger Bands.

H4 Chart: Bearish

The pair ended the week above EMA 50, SMA 100 and SMA 200. RSI headed south and moved into the bearish territory.

Hourly Chart: Bearish

Intraday Key Levels:

Upside: 1.16000 1.16250 1.16570 1.16800

Downside: 1.15300 1.15050 1.14430

Chart Patterns: We see a triangle pattern on the H4 Chart. 1.15300 is the baseline of the triangle. Break below the baseline will trigger the bearish move. If the pair fails to break below 1.15300, it is likely to test the upper line of the triangle.

Our Comments: 1.15300 is the key level. Midterm bearish pressure will remain as long as the pair holds below 17200.EURUSD needs to make convincing daily closings above 1.17200 to talk about a midterm trend reversal.

Trade Opportunities: Our last trade was “short” targeting 1.15300. Trade generated 70 pips so far. We will update it for the members according to the reaction of the pair at the target.