EURUSD is breaking out of a bull flag that has been in formation since early August (daily chart on right). This bull flag is part of a larger uptrend that began exactly one year ago, in December 2016. This uptrend was solidified with the breakout from the rectangle base and flag consolidation taking place outside of the base (shown on weekly chart to the left). As a bonus, the flag consolidation took place directly above the 200 and 20 week MAs (weekly chart). Profit target = 1.35
Stop Loss = 200 day MA, currently at 1.1544
Trade active
FXE is a great way to play the breakout in EURUSD if you do not have a Forex Account. It is breaking out today.Trade active
Upside breakout has been confirmed.
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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.