Bullish breakout in the EUR/USD – Time to take a buy position!

The signal currency Euro seems to get stronger against the dollar in order to complete the retracement. Technically speaking, the EUR/USD...

Written by: Arslan Butt • Monday, September 10, 2018 • 1 min read

• Last updated: Monday, September 10, 2018

The single currency Euro seems to get stronger against the dollar in order to complete the retracement. Technically speaking, the EUR/USD has formed a double bottom pattern on the 4- hour chart and it’s providing a solid support to EUR/USD at $1.1530.

Historically, the double bottom pattern is considered a bullish reversal setup and often changes a trend of the market. In addition, on the fundamental side, we don’t have much from the US economy, which is why we need to rely on the technical analysis.

That being said, I have opened a buying position in the EUR/USD at $1.1567 to target $1.1590. Let’s see how the market goes. Good luck!