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Easy 100 Pips In The Euro Against The US Dollar!

Jan. 22, 2011 2:43 AM ET
lytman02 profile picture
lytman02's Blog
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Good day forexers! In my technical analysis, there could be a symmetrical triangle forming in the 1-hour chart of the Euro versus the US dollar currency pair (EUR/USD). Symmetrical triangles are often neutral so the breakout bias would most likely be from where the trend is coming from. In our case right here, the triangle’s coming from an uptrend. This could be a fast move and very suitable for intra-day traders especially those who only trade the EUR/USD pair!

If this forex pair breaks above the resistance of the symmetrical triangle pattern, 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 symmetrical triangle. 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 EUR/USD breaks to, an easy 100 pips that is! The worse case is if it goes sideways…

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