logo |

News

    Home   >     Industry    >     Main body

    EUR/USD: DB Bull Flag, Strong Breakout Probable

    Abstract:EUR/USD: DB Bull Flag, Strong Breakout Probable
    EUR/USD forex market trading strategies

      EUR/USD has been turning up from the 4-day micro wedge and double bottom bull flag (with Apr. 22 low). After consecutive wedge tops, we should get a 2nd leg sideways to down, and it should start within a few days. Traders expect a double top bear flag with the May 3 high, or a double top with the Apr. 29 high.

      If bulls get a breakout above the Apr. 29 high, which would still be in the 9-month trading range, it should continue for at least a couple more months.

      Traders will look for a reversal down from the wedge top (1st of 2 legs up were at the Mar. 18 high and Apr. 29 highs), which would be a double top with the Feb. 25 high.

      The 2-day reversal up should reach the May 3 high. Traders will then decide between a double top bear flag, or continuing up to the Apr. 29 or Feb. 25 high.

    EUR/USD forex daily chart
    EUR/USD

      EUR/USD Daily Chart

    Overnight EUR/USD forex trading on the 5-minute chart
    •   Strong breakout to far above yesterdays high. Should reach magnet of May 3 high today or tomorrow.

    •   Overnight bull trend has been strong so day traders have only been buying.

    •   Near top of 4-day trading range, so bulls will start to take profits. Overnight rally should then evolve into trading range.

    •   Once there has been 20-pip pullback, day traders will expect a trading range, and they will begin to sell for scalps.

    •   Even if there is a trading range, the odds of a resumption up will be greater than of a reversal down, so easier to make money buying reversals up from bottom of range, than selling reversals down.

    •   ==========

          WikiFX, a global leading broker inquiry platform!

          Use WikiFX to get free trading strategies, scam alerts, and experts experience!

          ╔════════════════╗

          Android : cutt.ly/Bkn0jKJ

          iOS : cutt.ly/ekn0yOC

          ╚════════════════╝

    wiki

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.