British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Analyst expects EUR/USD to break higher
2019-11-11 • Updated
Recommendation:
BUY 1.1710
SL 1.1655
TP1 1.1810 TP2 1.1940 TP3 1.1990
On the daily chart, EUR/USD came close to an important resistance at 1.1710 (38.2% of the long-term rising wave). If it manages to get above it, EUR/USD will trigger an AB=CD pattern with a target at 200%. Formation of a “Shark” pattern with the 88.6% target will become more likely.
On H1, there’s a “Spike and ledge” pattern. A break of the upper border of the 1.153-1.1710 consolidation range will trigger a “Head and shoulders” pattern and AB=CD. Its 200% target lies at 1.1940.
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