Double bear flag paints bearish picture for EURUSD
After breaking down from a bear flag formation on 16 January, EURUSD consolidated in another similar pattern in the past week. The pair has been on a downtrend since last December and the back-to-back occurrence of the bearish continuation pattern (bear flag) reinforces the bearish outlook for the next two weeks.
At the time of writing, the pair is hovering around the upper resistance of the bear flag. In the event of an impulsive push towards the 1.0921 resistance zone, it provides a great opportunity to enter a short position with attractive risk reward ratio.
🔴 Sell Entry: 1.0921
🎯 Target: 1.0780
⛔️ Stop: 1.0957
At the time of writing, the pair is hovering around the upper resistance of the bear flag. In the event of an impulsive push towards the 1.0921 resistance zone, it provides a great opportunity to enter a short position with attractive risk reward ratio.
🔴 Sell Entry: 1.0921
🎯 Target: 1.0780
⛔️ Stop: 1.0957