Market Condition: EUR/USD Daily Breakout
Target 1:1.1584(2XATR)
Target 2:1.1826(4X ATR)
Invalidation: Reversal Below .1.1373
(Created using Marketscope 2.0 Charts)
Get Real Time SSI Data for the EUR/USD. Click HERE
The EUR/USD is again consolidating with an Inside Bar, after breaking out from a similar pattern earlier in the week. Current resistance for today’s pattern is found using Thursdays high at 1.1342. Conversely, support is found at the low, at a price of 1.1204. If today’s daily price bar closes inside of these boundaries, traders may begin looking for breakout opportunities next week. With SSI for the EUR/USD, reading at -1.93, traders may maintain a bias towards bullish breakouts for the pair.
In the event of a bullish breakout, traders may use ATR to evaluate potential targets. Today’s daily ATR value for the EUR/USD reads at 121 pips. This means using a 2X ATR target, traders may begin looking for initial price targets near 1.1584. Extend targets found using 4X ATR may also be found near 1.1826.
In the event of a false breakout, traders will look for prices to trade back inside of todays inside bar pattern. 1.1273 marks the midpoint of the pictured inside bar pattern, and a move to this point would signify a return to consolidating markets. Alternatively, a decline below the low at 1.1204 would suggest a shift in the markets current uptrend.
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