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Look For Pullback To Supports To Buy EUR/USD

Published 04/02/2016, 05:42 AM
Updated 07/09/2023, 06:32 AM
EUR/USD
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Above 1,11, buy signals towards 1,17. There is a few resistances on the way, so expect some false break up. Do not enter without a proper pull back on a support first. On the monthly chart, the pair ended March around 1,1375, that is above a range resistance that has prevented the euro from going up for the last twelve months. There are still a few up wicks above, meaning the pair will meet resistances on its way up, and we may see some pull backs or false signals. Nonetheless, the pressure is now obviously up. EUR/USD Monthly Chart

The weekly chart shows those resistances the pair has to cross: 1,145, 1,155, 1,17. I would not enter a long trade near any of those, unless I see a break up - pull back - confirmation pattern first. On the down side, there is a support line near 1,11. As long as it is not broken, I will prefer to look for buying signals; a break down of that support would end my bullish bias. EUR/USD Weekly Chart

The daily chart shows us the pair gaining in strength. Short terms SMAs are starting to point up, and it may be we are for a nice bulllish ride. ProfitF team will use that chart to look for pull back to supports where I will check for long signals, with a take profit of 1,17, that is the last major high.EUR/USD Daily Chart

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