EURUSD H1 Chart Triangle Breakout
We have two major data to be released today
German ZEW Index
The US Retails Sales
Although EURUSD broke the ascending triangle, the key fractal trendline has not been broken yet.
If German ZEW data comes worse than expected, it is likely to break the trendline and triangle pattern will start to work.
The first two targets will be 1.12200 and 1.12100.
We have a bullish Bat Pattern which would be completed at 1.12030.
If the US Retails sales data comes better than expected we may see the price breaking 1.12000 and completing a bullish Alt Bat pattern at 1.11790.
Stop Loss of short trades must be set above 1.12700
Update: Short Trade Activated 1.124100
Update: TP1 Reached. We wait for US Retail Sales: We book partial profit and wait for the TP2. We will not trade the bat and alt bat patterns until we get the data.
Update: TP2 Reached
Better than expected German ZEW and worse than expected US Retail Sales
Price may break above 1.12900, long at the breakout stop below 1.12700 targets 1.13200 and 1.13400
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