EUR/USD bullish breakout above double top and 1.1350

Chris Svorcik Elite CurrenSea

The EUR/USD is building a bullish breakout above the double top. An uptrend continuation is imminent as long as price stays above the key support zone (green box) at 1.1325.

4 hour chart

The EUR/USD has been using the long-term moving averages as a cushion for continuous bullish bounces. The uptrend channel has a good angle, which indicates a well balanced trend. The 21 ema is therefore expected to act as support.

The EUR/USD is expected to build a shallow pullback and continue towards the target zone at 1.1450. The next target is aimed at the round level of 1.15. Only a break below the support of the uptrend channel and horizontal support level would invalidate (red x) the bullish scenario.

The analysis has been done with the ecs.SWAT method and ebook.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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