EURUSD – Bullish wedge seeks to break to the upside –> target 1.1600

EURUSD seems to be consolidating around 1.1215 level. This double bottom formation highlighted on the below chart has been identified as thick support levels.

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Having said that i believe that we will be trading close to the upper wedge trend line. This bullish view is supported by the FED’s comments as well as Italian budget matters calming down.

On the technical side RSI has showed bullish signals since we can observe an upward facing curve. Also higher highs have been printed on the oscillator and positive divergence has been performed at an extreme level.

Any penetration the upper wedge will lead to a move towards the 1.1600 thick resistance and ultimately to the 1.1800 historical resistance.

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Therefor long positions should be initiated and take profit should be set at 1.1600. Stop losses should be places at around 1.1195 – 1.1200.

The above references the authors opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

Master’s Degree focused in Finance from the Cyprus International Institute of Management. FX technical analyst with 10 years exposure on technical and fundamental analysis, and a Certified Financial Technician recognized by the Society of Technical Analysts as well as the International Federation of Technical Analysts. Furthermore I am a full member of the society of technical analysts. Qualified two quarters on Bloomberg FX forecasting on G13 currencies, 2Q 2018 4th position as well as a 7th position in 3Q 2018. Accomplished a 1st place on USDCAD globally for 3Q 2018.

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