EURUSD – Bullish Rising Three dominates
21st March 2016
EURUSD – Bullish Rising Three dominates
This week’s report on EURUSD is a bullish one. This is due, in part, to;
- 3 Up weeks in succession
- 5 Week Highs
- Tracking the upper band of a positive Keltner channel
- Support of the 13 day moving average.
But the other key feature to note is the Bullish Rising Three pattern that was completed by Wednesday’s strong gains (using the 13 day line and a daily Marabuzo line as platforms).
This is a rare candlestick pattern that argues for higher levels especially taken with the context of the above factors.
An early EURUSD move through 1.1344 is looked for as confirmation with the focus then on 1.1432, a 76% correction to the Aug-Dec decline.
These patterns are not fool-proof by any means but the potential impact can be gauged by looking at the previous example we drew attention to on these pages – ‘T-Notes – Rising Three points higher’ and the T-Notes chart that accompanied that article is updated below;
