EURUSD Update, Bullish Symmetrical Triangle

February 8, 2016

Friday NFP report should support a rate hike in March; even though the NFP missed expectations unemployment is now below 4.9% and the average hourly earnings have risen more than expected. However, for the moment, the market is not pricing in any rate hike and this could lead to a higher EUR in the short term.

Technically, the EURUSD over the last 3 months is in an uptrend since creating a series of lower bottoms and higher tops from the December 1.0520 lows. I spot a bullish symmetrical triangle (continuation pattern) December 29th High (1.0990) – February 1st low (1.0814), and current price is above its long term Moving Average.

My conclusion for the EURUSD pair supports long positions above 1.1060 for targets within the 1.1300 – 1.1360 area.

Publication source
HotForex information  HotForex reviews

September 30, 2016
The OPEC greases the wheels for oil
The global equities rally led by the gains in the energy sector after the OPEC members cut a deal in Algiers, despite the market scepticism and repeated statements that the Oil officials in Iran and Saudi Arabia are not able to find a middle ground in the current conditions...
September 30, 2016
Opec deal no certainty
In a huge surprise to the market, members of the Opec cartel agreed to cut production by as much as 700,000 barrels a day with some predicting that this may be the start of a new upward trend for oil...
September 30, 2016
Brent futures consolidated their gains
Brent rose in the European session after a surprised OPEC decision to cut oil output. Moreover, a draw in U.S. crude stocks gave an additional support for oil prices...

XM Rating
Vantage FX Rating
OctaFX Rating
FOREX.com Rating
Larson&Holz IT Ltd Rating
Tickmill Rating

Porter Finance Rating
OptionsXO Rating
Anyoption Rating
OptionFair Rating
Beeoptions Rating
Binary Brokerz Rating