- EUR/USD's 15-minute chart shows a pennant breakout – a bullish continuation pattern.
- The pair could see at least a 60-pip rise during the day ahead.
With short duration charts reporting a bullish continuation pattern, EUR/USD looks set to extend Tuesday’s 0.32% rally to 1.0967 – 38.2% Fib Retracement of 1.1110/1.0879.
EUR/USD’s 15-minute chart shows a pennant breakout. Pennants are continuation patterns, which accelerate the preceding bullish move.
The pennant breakout on the 15-minute chart indicates resumption of the rally from Tuesday’s low near 1.0880 and has created room for at least a 60-pip move to the higher side. As of writing, EUR/USD is trading at 1.0940.
Supporting the bullish case is the above-50 reading on the hourly chart relative strength index.
The bullish case would weaken if the spot falls below 1.0928.
|Today last price||1.094|
|Today Daily Change||0.0006|
|Today Daily Change %||0.05|
|Today daily open||1.0934|
|Previous Daily High||1.0943|
|Previous Daily Low||1.0879|
|Previous Weekly High||1.1026|
|Previous Weekly Low||1.0905|
|Previous Monthly High||1.111|
|Previous Monthly Low||1.0885|
|Daily Fibonacci 38.2%||1.0919|
|Daily Fibonacci 61.8%||1.0904|
|Daily Pivot Point S1||1.0895|
|Daily Pivot Point S2||1.0855|
|Daily Pivot Point S3||1.0831|
|Daily Pivot Point R1||1.0958|
|Daily Pivot Point R2||1.0983|
|Daily Pivot Point R3||1.1022|
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