Upside breakouts

Dear Traders,

With no market-moving data and U.S. markets being closed for the Labor Day yesterday, trading has been very tranquilly. While the euro continued to trade consolidated between 1.1175 and 1.1120 , the British Pound gained some ground above 1.52 and climbed towards the 1.53-mark. Early this morning sterling has surged significant above 1.53, facing a next hurdle at 1.5360.

Eurozone Gross Domestic Product reports are scheduled for release today at 9:00 GMT. If numbers deviate from expectations, we may see further volatile swings in the EUR/USD.

Relief Rally in the EUR/USD

Technically, prices formatted an ascending triangle early this morning, which favored upcoming bullish momentum with a break of 1.1180. It has already proved correct when the euro jumped above 1.12 in the early trading hours. We see a next resistance at around 1.1236.

Daily Forex signals:

View our daily signal alerts http://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service http://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2015 Maimar-FX.

www.maimar.co