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R.Linda Trading - forecast

#EURUSD → Rising triangle pushes resistance

2023-04-12 08:04 FOREX forecast

EURUSD is forming an ascending triangle. Our attention falls on the resistance 1.09267, which forms the upper boundary of the ascending triangle. What's next?

The currency pair forms consolidation and numerous retests to the resistance level. It is very likely that under the pressure of the buyers this line will be broken, and in this case the growth will continue, and we will be interested in the next resistance at 1.10500. The moving averages are acting as support and giving the price a push.

Strong support: 1.0830.

Strong resistance: 1.09267 (break-down strategy) and 1.10500

I expect that in the nearest future the price will break the resistance and will continue its growth. Short term target is 1.10500, medium term target is 1.11500

R. Linda

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