Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
EUR/USD Prepares for a Bullish Breakout

EUR/USD Prepares for a Bullish Breakout

Walker England, Forex Trading Instructor

Market Condition: EUR/USD Pending Breakout

Target 1:2X ATR at 1.0957

Target 2:4X ATR at 1.1085

EUR/USD, Daily Chart & ATR

(Created Using IG Charts)

The EUR/USD is again trending higher to conclude this week’s trading. With the pair quickly closing in on new yearly highs, traders may begin planning for the markets next breakout. Traders looking to join the trend may consider entries on a breakout above the standing 2017 high at 1.0829. Current daily ATR for the EUR/USD reads at 64 pips. This means breakout traders may initially look for a 2X ATR profit target at 1.0957. Also a 1X ATR stop loss may be considered at 1.0765 to create a 1:2 risk/reward ratio.

In the event that the EUR/USD fails to breakout higher, traders may consider deleting any pending orders to buy the market. In this bearish scenario, traders may first look for the EUR/USD to turn and drop beneath the current weekly low found at 1.0719.

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

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES