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EUR/USD Pending Bullish Breakout

EUR/USD Pending Bullish Breakout

2017-01-31 12:31:00
Walker England, Forex Trading Instructor
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Market Condition: EUR/USD Pending Breakout

Target 1: 1.1085

Target 2: 1.1395

EUR/USD, Daily Chart with Resistance

EUR/USD Pending Bullish Breakout

(Created Using IG Charts)

The EUR/USD is trending higher for 2017, rising as much as 435 pips from the yearly low at 1.0340. If prices continue to rise, traders may look for bullish breakouts above the standing high at 1.0775. Traders may consider managing risk below Monday’s swing low at 1.0620. With 155 pips of potential risk, traders may consider a 310 pip profit target at 1.1085 to create a 1:2 Risk/Reward ratio.

In the event that prices fail to breakout higher, traders may elect to initiate short positions under Monday’s low. This would suggest that short term momentum has turned bearish, back in line with the EUR/USD’s long term downtrend.

--- Written by Walker, Analyst for DailyFX.com

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