Ascending Triangle on EUR/USD

Ascending Triangle on EUR/USD

At the moment, participants in financial markets have taken a wait-and-see position before the publication of important economic reports from the United States. There is an interesting technical pattern on the EUR/USD currency pair. On the 30M timeframe, the classic figure of Ascending Triangle has been formed. Local support and resistance levels are: 1.23500 and 1.23750, respectively. We recommend you to pay attention to this situation.

If the price fixes above 1.23750, you need to look for entry points in the market to open long positions. The movement is tending to 1.24250-1.24500. When tracking the position, we recommend using a trailing stop.

Alternative option. An ascending triangle quite often acts as a reversal formation. If the price fixes below the local support of 1.23500, the correction of the EUR/USD currency pair is expected. The target level of movement is 1.23250-1.23000.

by JustForex, 2018.04.11

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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