justatrader

EURUSD, trading the second bearish flag

FX:EURUSD   Euro / U.S. Dollar
438 2 13
For the week ahead....

This is a continuation to my previous chart, where the bearish flag managed to meet the objective at 1.26029.

EURUSD             forms another bearish flag , and this time it is a bigger magnitude compared to the previous flag. After the break down from the flag, we see a doji followed by an higher close, this comes after a reasonable decline in this pair. Expect a retest of 1.27140 with a larger target to 1.1878 (or 1.9 rounded off).

To trade this pair, switch to H4 candlesticks for clues from price action at 1.2714 followed by a (delayed) confirmation from daily charts itself.
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Alternate view: A daily close above 1.2714 will see a test of 1.2828 again which is a strong resistance level now.
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Fundamental risks: US advance GDP and FOMC this week with Eurozone CPI             and the bank stress tests results tomorrow.
unlike before at this price region, the buyer's candle lengths are quite lengthy.
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Yes, the flag in itself is bigger than the last flag.. The price targets are also equally big. To see EURUSD head to 1.19 would take months at the very least.
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