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​EUR/USD Flat Top Ascending Triangle Breakout Suggests a Bullish Continuation

Rujan 14, 2018 13:44

EUR/USD Technical Analysis

Source: Admiral Markets MT5 with MT5SE Add-on 14.09.2018 10:00 AM

The EUR/USD edged a bit higher after Thursday's ECB Meeting. The ECB lowered its projections for economic growth, and warned about potential dangers with the US-China Trade War. Mr.Draghi, the ECB president, explained that rising protectionism, vulnerabilities in emerging markets, and financial market volatility had "gained more prominence." There is still a fear of a potential escalation. What is also important is that the rates are put on hold. The Refi rate is still 0%, while the deposit rate is at -0.4%.

Technically the EUR/USD is bullish, as it is breaking above the ascending flat top triangle, which suggests bullish continuation. This is the bullish formation with explicit support and resistance levels that traders should monitor. 1.1635-50 is the POC zone, and any pullback to the zone might be used for fresh buying. Targets are Pivot confluence points 1.1724 and 1.1758, with a possible extension to 1.1816 if we see a close above 1.1760. Bear in mind that today is Friday, so we could see a profit taking. If the pair makes a weekly close above 1.1760, then the door to 1.1816 could be open next week.

Short Pivot Lines - Daily Support and Resistance

Long Pivot Lines - Weekly Support and Resistance

POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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