This is a Daily chart for the EURUSD. With the most recent increase, EURUSD managed to break out to the up side of a massive Triangle that's been forming since January 2024
At this stage the price has produced an effective breakout as it has closed a few candles above the resistance line
There are 2 additional confluences that support a possible increase - The 20, 50 and 200 EMAs align to indicate a possible beginning on an up trend and the MACD is indicating Bullish continuation
The price can continue up targeting 1.11 and 1.125 in extension but this might as well be a false breakout and the price may reverse down again aiming at the 1.07 levels
The way that you can increase your chances for success are by looking at a smaller time frame
Trade closed: target reached
Trade went 100% as expected. First it did a correction, retesting the resistance of the triangle and after that it went straight up to the target
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.