UnknownUnicorn772665

EURUSD Short Trade *FLAG PATTERN & FIBONACCI*

Short
FX:EURUSD   Euro / U.S. Dollar
Here is a simple bearish flag continuation trade on EURUSD

Heavy bearish move last week followed by some nice consolidation on the 1hr timeframe. Price is now rejecting the Fib 0.382 retracement level with multiple wick rejections.

SL = 30 pips to put it above Fib 0.618 level

Profit target is at the Fib 1.618 extension level to take advantage of the bearish momentum.
Trade active
Comment: Lots of bearish momentum now. Flag was broken and retested perfectly
Comment: I will take some profit at the Fib 1.217 extension to not be greedy
Trade closed: target reached