justatrader

EURUSD, trading the second bearish flag

FX:EURUSD   Euro Fx/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.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
alex.a
2 years ago
unlike before at this price region, the buyer's candle lengths are quite lengthy.
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justatrader PRO alex.a
2 years ago
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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