EURUSD, Flag-Formation, The Completion And Objections!

Hello,

Welcome to this analysis about EURUSD on the 4-hour timeframe perspective. As when looking at my chart we can watch there how EURUSD managed to bounce within the 1.08 area and managed to initially reverse from its prior established downtrend. This was a first source of increased volatility with which EURUSD showed up and moved on to test remaining resistances within the range. Furthermore, EURUSD has formed important higher highs and lower lows together in this main potential Ascending-Bull-Pennant-Formation in which it has appropriate support determined by the 20-EMA marked in blue and the local wave-count forming simultaneously in the major wave B reaching from A to C has been already completed. Now EURUSD managed to greatly bounce within the lower boundary of the Flag-Formation and is attempting a breakout above the upper boundary with a local Flag-Formation in this area marked in orange. In the near future once EURUSD managed to breakout above the upper boundary this will be the origin of a continuation and the activation of the Bull-Flag-Target-Zone marked in my chart, once this zone has been reached the situation needs to be elevated again and EURUSD needs to show how it continues from there on with either a pullback or a continuation formation that sends EURUSD straight on further.

In this manner, thank you for watching the analysis, all the best!
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Information provided is only educational and should not be used to take action in the markets.