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EURUSD H1 Chart Triangle Breakout

EURUSD H1 Chart Triangle Breakout

We have two major data to be released today
German ZEW Index
The US Retails Sales

Bearish Scenario:
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

 

Bullish Scenario

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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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

EURUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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