Home Forex Market Analysis Forex Signals EUR/USD Violates Triple Top Resistance – Update on Buying Trade

EUR/USD Violates Triple Top Resistance – Update on Buying Trade


The EUR/USD pair is trading with a bullish bias over 1.1418 level, after having crossed over the horizontal resistance level of 1.1410. For now, the EUR/USD pair is expected to find resistance at 1.1485 level. It seems like the U.S. dollar is getting weaker amid an increasing number of new coronavirus cases and the probability of repeated lockdowns. The broad-based U.S. dollar failed to put any bid and reported losses on the day.

However, the losses in the U.S. kept the pairs’ prices high. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies dropped by 0.11% to 96.073 by 9:50 PM ET (2:50 AM GMT).

The market traders await the European Central Bank (ECB) meeting, which is supposed to publish its interest rate settlement and deliver its policy statement. As per the forecasting view, “we expect no major policy changes next week,” said Rabobank analysts. “The ECB waits for more data on the economic outlook, developments on the fiscal front, and the impact of its measures.” Apart from this, the market traders will keep their eyes on the USD price dynamics and coronavirus headlines, which could play a key role in influencing the intraday momentum.

The EURUSD has violated the testing Triple Top resistance around 1.1415 level, and the recent daily candle is bullish engulfing, which may drive the bullish trend in the EUR/USD pair. On the higher side, a bullish breakout of the 1.1415 level can extend bullish bias until the 1.1490 level. On the lower side, support stays at 1.1380 and 1.1365 level. Check out the trade plan below…

Entry Price – Buy 1.14362

Stop Loss – 1.13962

Take Profit – 1.14762

Risk to Reward – 1

Profit & Loss Per Standard Lot = -$400/ +$400

Profit & Loss Per Micro Lot = -$400/ +$400

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