EUR/USD: bullish breakout – 21 September 2012

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Eurodollar has broken out of the down-sloping channel it established on the hourly chart since falling from Tuesday’s highs. The eventual target for the breakout lies at 1.3075. This could be the final 5th wave higher of the move which started at the beginning of September and it could go higher and re-touch the 1.3170 highs.

EUR/USD

Joaquin Monfort

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Joaquin Monfort

Forex4you analyst

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About Author

I am a forex analyst, trader and writer. I have had a career writing articles for websites and journals, starting in the travel sector and then in Forex. I use a combination of technical and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. My technical plays provide clear entry points and targets, if you trade them assume a 1:1 risk reward, with stops the same distance from entry as targets. Good luck and happy trading!