EUR/USD Bullish Pennant Breakout Possible But Watch for Constriction

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Hi traders,

The EUR/USD has formed a bullish pennant pattern slightly above the M H3 pivot point. A rejection from 6/8 MM and W H3 confluence could initiate next rally.

The price needs to have a strong 4h close above 1.1415 (with full candle body above it) and only then the price might rally towards 1.1444 and 1.1474. A breakout above 1.1474 will target 1.1505. However, a constriction within the pennant might lead to a profit taking from bulls. If that happens price will drop below 1.1383 towards 1.1352. Only below 1.1350 the pair will be in neutral mode again re-testing 1.1300 zone.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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