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Euro / U.S. Dollar
Long

EURUSD breaking out of bull flag

By BTCBanker1
Updated
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

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FXE is a great way to play the breakout in EURUSD if you do not have a Forex Account. It is breaking out today.

snapshot
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Upside breakout has been confirmed.

snapshot
breakoutChart PatternseuroEURUSDforeignexchangeForexMultiple Time Frame AnalysisTechnical AnalysistradingviewTrend Lines
BTCBanker1
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