EUR/USD Bullish Breakout Aims for 1.14 Target

Chris Svorcik Elite CurrenSea

The EUR/USD is in a bullish trend channel and price has broken above the local resistance trend line (dotted orange). A bullish breakout could aim for the next target at 1.1410.

EUR/USD

4 hour

The EUR/USD needs a break above the local resistance level at around 1.1330 before a bullish breakout and continuation towards 1.1410 and even 1.15 becomes more likely. A bearish retracement could retest the support zone around 1.1250-1.1275, which could still act as a potential bouncing spot for more upside. The uptrend is invalidated if price manages to break below 1.1250.

1 hour

The EUR/USD bullish break above 1.1330 could indicate a push higher towards the Fibonacci targets of wave 5 vs 1+3. The bullish move could complete a wave 5 (blue/purple) of either a wave 1 (pink) and a new uptrend (see chart below) or of a wave C and restart the old downtrend (alternative wave outlook not shown here). In any case a bullish move seems likely as long as price stays above the 1.1250 support zone.

The analysis has been done with the CAMMACD.MTF template.

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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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