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EUR/USD Daily Inside Bar Breakout

EUR/USD Daily Inside Bar Breakout

Walker England, Forex Trading Instructor

Market Condition: EUR/USD Daily Breakout

Target 1:1.1584(2XATR)

Target 2:1.1826(4X ATR)

Invalidation: Reversal Below .1.1373

EUR/USD Daily Chart

(Created using Marketscope 2.0 Charts)

Get Real Time SSI Data for the EUR/USD. Click HERE

The EUR/USD is again consolidating with an Inside Bar, after breaking out from a similar pattern earlier in the week. Current resistance for today’s pattern is found using Thursdays high at 1.1342. Conversely, support is found at the low, at a price of 1.1204. If today’s daily price bar closes inside of these boundaries, traders may begin looking for breakout opportunities next week. With SSI for the EUR/USD, reading at -1.93, traders may maintain a bias towards bullish breakouts for the pair.

In the event of a bullish breakout, traders may use ATR to evaluate potential targets. Today’s daily ATR value for the EUR/USD reads at 121 pips. This means using a 2X ATR target, traders may begin looking for initial price targets near 1.1584. Extend targets found using 4X ATR may also be found near 1.1826.

In the event of a false breakout, traders will look for prices to trade back inside of todays inside bar pattern. 1.1273 marks the midpoint of the pictured inside bar pattern, and a move to this point would signify a return to consolidating markets. Alternatively, a decline below the low at 1.1204 would suggest a shift in the markets current uptrend.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.