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EUR/USD Prepares for a Bullish Breakout

EUR/USD Prepares for a Bullish Breakout

2017-03-24 16:42:00
Walker England, Forex Trading Instructor
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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

EUR/USD Prepares for a Bullish Breakout

(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

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