Conclusion for today’s EURUSD analysis:
A close above ~1.12660 implies bullish strength in the EURUSD.
EURUSD analysis for today is carried out using a 1 hour time frame candlestick chart. The main purpose of analysis today is to quickly review price action. Besides, chart patterns that can be identified are also paid attention to since they are crucial to further development and projection of price.
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A descending triangle chart pattern is highlighted using price action from April 17, 2019 to current date, while a rectangle bottom chart pattern ( ideally bullish) is constructed using 1 hour candles from April 26, 2019 to date.
It is important to keep in mind that the ideal implication of the descending triangle is bearish, but chart pattern non-confirmation is indeed a reality and does happen i.e. a close or break above the upper boundary as opposed to the base of chart pattern.
Price breaking out above ~1.12660 does confirm the rectangle bottom and therefore further upside in the EURUSD. The width of the rectangle in this case is highly invaluable in estimating a minimum target for bullish momentum. Alternatively, the width of the descending triangle can be projected onto breakout point at ~1.12378 to obtain a minimum profit target.
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