EUR/USD: 3 days in a Bullish Triangle, Investors, rejoice! The EUR/USD pair has seen a major rally this morning,
picking up bids to 1.0580 and reaching their highest levels since late June.
Topics
Riding the Bull
Navigating the News Week
Now, what happens after the triangle pattern?
Riding the Bull
This surge is being driven by the bull cross on the Daily chart as the 50-day
The exponential Moving Average (EMA) crosses above the 100-day EMA from below.
Furthermore, firmer RSI (14) and lack of bearish MACD signals are also helping fuel this rise in value for EUR/USD pairs.
At present time, it looks like there could be some pullback from these highs due to sluggish
MACD conditions and nearly overbought RSI readings near the resistance line at 1.0630
However, investors should take advantage of the current bullish momentum while it lasts!
Now is a great time to get involved with investing in EUR/USD pairs if you’ve been considering doing so
don’t miss out on potential profits that can come along with taking part in such an exciting market opportunity!
The EUR/USD is a popular currency pair for investors,
and the recent news of bulls crossing the 1.0630 hurdles has many watching intently.
If successful, this could lead to an increase in value as it approaches June’s peak surrounding 1.0775.
However, if unsuccessful there is still potential for growth with support from
the 200-day EMA level of 1.0395 and further down at the 50-day EMA
and 100-day EMA levels near around 1.0215 &1 .0190 respectively.
These are all important indicators that should be taken into account
when considering investing in this currency pair right now!
Navigating the News Week
As we head into news week, investors should be mindful of the upcoming
Consumer Price Index data from the US and key central bank meetings.
It is wise to consider booking profits ahead of the weekend.
This could lead to a pullback in EUR/USD toward its London fixed level.
and the upcoming release of producer inflation data for November.
If US stocks manage to build on their gains, EUR/USD is likely to continue higher ahead of the weekend.
On the other hand, a higher-than-forecast PPI print could put pressure on EUR/USD as it would support the US Dollar.
It is important for investors to keep an eye out for this key economic indicator
which could have implications not only for currency pairs but also for global markets at large.
With that said, investors need to be prepared for any potential surprises
from today’s data release and adjust their portfolios accordingly if necessary!
Investors should also keep an eye on potential catalysts that may drive prices higher
or lower during news weeks such as any comments from Federal Reserve officials
about monetary policy changes or economic outlooks that could influence currency movements.
Additionally, if there are any surprises within CPI data releases then
these too can cause significant volatility for EUR/USD pairs which
would need to be considered when considering whether it is prudent to book profits before the weekend arrives.
Overall, markets remain uncertain and volatile due to numerous external factors always influencing them
particularly during news weeks being aware of your investment strategy
and taking steps accordingly can help you manage risk effectively
while still allowing you accesses gains where possible with minimal losses incurred
over time making sure your portfolio remains well-balanced throughout market fluctuations.
Now, what happens after the triangle pattern?
An ascending triangle is generally considered to be a continuation pattern,
meaning that the pattern is significant if it occurs within an uptrend or downtrend.
Once the breakout from the triangle occurs,
traders tend to aggressively buy or sell the asset
depending on which direction the price broke out.
what does a bullish triangle mean?
Ascending triangle patterns are bullish, meaning that they indicate that
a security’s price is likely to climb higher as the pattern completes itself.
This pattern is created with two trendlines.
What happens after descending triangle?
Typically, the breakout from a descending triangle is triggered to the downside.
The distance from the support to the first high is measured.
This measured distance is then projected to the downside where the target price can be set.
Simply put, that’s how you trade a descending triangle pattern.