Published On: Fri, Mar 10th, 2017

Bounce confirms positive pattern for EURUSD



Early downside yesterday extended this week’s losses to the most negative levels for four trading days. But yesterday’s report highlighted the potential for a Bullish Rising Three pattern, as a negative reaction to last Friday’s rise, has been weak. This was justified, as buying interest returned to EURUSD higher than expected and led to net gains. 

The upside move stalled around the 13-day moving average, but the bounce was enough to confirm the positive pattern. An early move beyond yesterday’s peak is looked for as confirmation but bullish sentiment looks clear.

Management and risk description
A move to 1.0640 means the stop can be raised to break even.


Entry: Buy in 1.0590/95 area and at 1.0571.

Stop: 1.0542 offered.

Target: 1.0616, 1.0640 and 1.0681.

Time horizon: Intraday, ending 30 minutes before release of nonfarm payrolls (due at 1330 GMT)

Rising three


Lows rejected


Long-term trend

All charts from CQG. Create your own charts with SaxoTrader; click here to learn more.
For more on forex, click here

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on is found here

Feed for all trade views

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>