EUR/USD’s 4-hour chart shows a pennant pattern, a bullish continuation setup. A break above 1.1056 would confirm pennant breakout and open the doors to 1.11. EUR/USD has charted a narrowing price range on a pennant pattern on the 4-hour chart. Pennants comprise trendlines connecting lower highs and higher lows and are widely considered as continuation patterns that mark consolidation before resuming the previous move in the same direction. As of writing, the pennant resistance is seen at 1.1056 and the support is located at 1.1036 and the pair is trading at 1.1047. A break above 1.1056 would imply a resumption of the rally from the Sept. 3 low of 1.1027 and could yield a rally to 1.11. On the other hand, a break below 1.1036 may invite selling pressure. The European Central Bank is widely expected to cut rates further into the negative territory and restart the bond-buying program on Thursday. There is a growing consensus in the market that the dovish expectations have been priced in and the common currency could rise sharply if the central bank sounds less dovish-than-expected. 4-hour chart Trend: Bullish above 1.1056 Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD technical analysis: 2-week-old support-line offers pullbacks below 61.8% Fibo. FX Street 4 years EUR/USD's 4-hour chart shows a pennant pattern, a bullish continuation setup. A break above 1.1056 would confirm pennant breakout and open the doors to 1.11. EUR/USD has charted a narrowing price range on a pennant pattern on the 4-hour chart. Pennants comprise trendlines connecting lower highs and higher lows and are widely considered as continuation patterns that mark consolidation before resuming the previous move in the same direction. As of writing, the pennant resistance is seen at 1.1056 and the support is located at 1.1036 and the pair is trading at 1.1047. A break above 1.1056 would… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
