logo
  Join        Login             Stock Quote

Easy 100 Pips In The Euro Against The US Dollar!

 January 21, 2011 12:35 PM




Good day forexers! In my technical analysis, there could be an ascending triangle forming in the 1-hour chart of the Euro versus the US dollar currency pair. Ascending triangles are naturally bullish and often comes from an uptrend. In our case right here, that's what we got. This could be a fast move and very suitable for the intra-day traders out there especially those who only trade the EUR/USD pair!

[Related -Initial Jobless Claims Rose Unexpectedly]

If this forex pair breaks out from the resistance of the ascending triangle formation, it could reach my target of 1.3650. I got this by gauging the size of the base of the triangle added to the possible breakout point. Even though a breakdown is less likely to happen, there are chances for the EUR/USD to drop from the ascending triangle formation. If it does fall below the 9-day uptrend and eventually from the triangle pattern, my target price would be the next support at 1.3244. So either ways the EURUSD breaks to, an easy 100 pips that is!

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.