Rising Three EURUSD pattern targets gains

20th August 2015

This morning’s call for EURUSD was a bullish one;

The sequence of 3 down days ended yesterday despite Tuesday’s break below the 13/100 day moving averages. Demand was renewed above 1.1000 for a 2nd day in succession and the resulting upside was and aggressive one – demand accelerating in the latter part of the day. More than 2 days of decline were regained and although the formation isn’t ideal, an imperfect Bullish Rising Three pattern was formed. Coupled with a close back above the averages, this morning’s call is Bullish

Targets mentioned were 1.1157, 1.1190 and 1.1214. EURUSD_Z_2008

Did this Rising Three result in a higher EURUSD?

Well as you can see on the chart below the first objective was met and, at the time of writing, and the second chart, prices are trading at 1.1175. So you can safely save that it has yielded some modest upside. Intraday stops have been raised tightly. Longer term this formation will quite probably have a more significant impact although we’ll see how that develops.

EURUSDTry our full analysis service here.

And to find out more about Rising Three patterns and other Bullish Candlestick formations, click here.

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