EUR/USD Bullish Breakout Above Double Top and 1.1350

The EUR/USD is building a bullish breakout above the double top. An uptrend continuation is imminent as long as price stays above the key support zone (green box) at 1.1325.

4 hour chart

EUR/USD 4 hour chart

The EUR/USD has been using the long-term moving averages as a cushion for continuous bullish bounces. The uptrend channel has a good angle, which indicates a well balanced trend. The 21 ema is therefore expected to act as support.

The EUR/USD is expected to build a shallow pullback and continue towards the target zone at 1.1450. The next target is aimed at the round level of 1.15. Only a break below the support of the uptrend channel and horizontal support level would invalidate (red x) the bullish scenario.

EUR/USD 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

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