After reversing to retest the broken double top neckline and consolidating early last week, the probabilities shifted in favour of an upside continuation.
Following this consolidation under resistance, EUR/USD broke back above, hitting a local high at 1.17 on Tuesday. A pullback followed, forming a clean pennant pattern on the lower timeframes.
The Asian open today brought a decisive breakout above that pennant’s resistance, putting the bias once again to the upside.
Upside target: 1.18 zone
Invalidation: Only if price drops back below 1.16
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Following this consolidation under resistance, EUR/USD broke back above, hitting a local high at 1.17 on Tuesday. A pullback followed, forming a clean pennant pattern on the lower timeframes.
The Asian open today brought a decisive breakout above that pennant’s resistance, putting the bias once again to the upside.
Upside target: 1.18 zone
Invalidation: Only if price drops back below 1.16
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.