EUR/USD: Higher Time-Frame Charts Support Uptrend Bias
Forex4you | May 06, 2015 05:54AM ET
There are signs of a longer-term reversal: the monthly chart is showing a bullish two-bar reversal after a long down-trend, and although this month has seen a pause in the surge, it is expected to resume eventually.
On the weekly chart there is a double-bottom reversal pattern – another bullish sign. The EUR/USD pair has already breached the neckline and moved higher, but it has not yet reached the minimum expectation for the pattern at 1.1450.
Zooming in further to the 4-hour chart we can see that the pair has just recovered from a pull-back in an established v. short-term up-trend, all-in-all the technicals point to a bullish outlook.
A break above the current highs at 1.1289, therefore, would probably lead to a move higher to the target at 1.1450.
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