has been trading in a bullish price channel
as visible in this H4 chart. This currency pair
started to form this chart pattern after it hit new multi-month as well as 2013 lows due to the Cypriot bailout
situation. The establish chart pattern has been very strong and we believe the EURUSD currency pair will move higher back into its ascending resistance
has shown severe improvement and currently flirts with a bullish centerline crossover
has reached oversold
territory, but managed higher lows and confirm the bullish chart pattern. A breakout
from oversold territory should accelerate the move higher.
We recommend a long position
at 1.2780 with a potential second entry level 1.2700. We also advise traders to place a stop sell
order at 1.2730 in order to hedge
against potential capitulation moves.
Trades who wish to exit this trade at a loss are advice to place their stop loss
order at 1.2730. We will not use a stop loss order and execute this trade as recommended. Place your take profit
level at 1.2850.Here is why we believe the EURUSD forex pair will move higher
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- EURUSD has been trading in a bullish price channel
- Currency pair trades at ascending support levels
- MACD has confirmed the bullish chart pattern and flirts with a bullish centerline crossover
- RSI has reached oversold territory and confirmed the chart pattern with higher lows
- Short covering rally
- Temporary stability in the Eurozone