EURUSD-Weekly Market Analysis-Oct21,Wk5

On the daily chart, EURUSD has broken and closed below the support. However, the 1-hourly chart, it presents a different view.

There are 2 potential development over here
1) A sideway bounce setup that gives selling opportunity on the red line and buying opportunity on the blue line 43pips opportunity on the 1-hourly chart is not too bad.

2) If the candle breaks and closes above 1.1666, then a Bullish Flag Pattern would complete. However, it is a rather weak Flag Pattern caused by the retracement move on the 1st move. What intrigue me is the completion of the assumed Flag Pattern ends before the Key Resistance Level at 1.1683.

Let's see how this trade pans out.