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​EUR/USD Cup With Handle Emerging Bullish Pattern

October 16, 2018 09:29

EURUSD Chart - Technical Analysis

Source: EUR/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 16.10.2018 1:45 AM

EURUSD Weekly Chart - Technical Analysis

Source: EUR/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 16.10.2018 1:45 AM

The EURUSD currency pair has formed an emerging cup with a handle pattern.The 'Cup and Handle' pattern is a bullish continuation pattern that begins with a consolidation period, followed by a breakout. The consolidation period is captured within the handle. At this point, the pattern consolidation has formed exactly at the 50,0 Fib, and the Admiral Pivot Point. Regarding fundamentals, the data will be light for the EUR/USD currency pair. The USD news that might slightly move the market is the JOLTS (Job Openings and Labor Turnover Summary) data that represents the number of job openings during the reported month, excluding the farming industry. Don't forget to follow our Forex calendar for all regular updates on the news,economic announcements, forecasts and much more.

Technically, the EUR/USD currency pair could bounce from the POC zone towards the handle top around 1.1610. A close above the R1 resistance 1.1634 should the move price towards the 1.1694 zone and the R2 resistance. The pair is also supported by a rising trend line that crisscrosses the S1 supporting pivot that marks the uptrend. It all adds up to the bullish confluence. Ideally the pair should remain above 1.1530 to remain bullish. Make sure to always follow the price action closely.

Pivot Lines - Weekly Support and Resistance

POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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