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EUR/USD - Awaits breach of flag pattern

FX:EURUSD   Euro Fx/U.S. Dollar
  • Euro managed to cut through resistance at 1.1376 and clock a high of 1.1408 levels in early US session. The bird currently trades around 1.1405, which is flag resistance level.
  • A bullish break from flag pattern i.e. an hourly close above flag resistance would signal continuation of Friday's rally and thus open doors for 1.1464-1.15 levels.
  • On the other hand, failure to take out the flag resistance followed by a day end closing below 1.1376 could spell trouble for bulls and shift risk in favor of a drop to 1.1280-1.1260 levels in next few days.
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