EUR/USD is nearing the upper trendline of a descending wedge on the weekly chart, currently at 1.13297, near the 1.1200 resistance. The 50-week EMA (blue) is above the 200-week MA (red), indicating underlying bullish momentum, and stochastic Oscillator has also room for further upside move. Below is the likely setup:
Bullish Setup (Sustained Breakout Above Resistance):
If you found this analysis valuable, kindly consider boosting and following for more updates.
Disclaimer: This content is intended for educational purposes only and does not constitute financial advice.
Bullish Setup (Sustained Breakout Above Resistance):
- Buy Entry: On a weekly close above 1.1200 or retest of 1.1200 as support.
- Stop Loss: 1.1100.
- Take Profit: 1.1750 (first target), 1.2300 (second target).
- Confirmation: Strong close above 1.1200, Stochastic holding above 50 after a pullback.
If you found this analysis valuable, kindly consider boosting and following for more updates.
Disclaimer: This content is intended for educational purposes only and does not constitute financial advice.
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.
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.