• Pair lost around 150 pips following dovish ECB statement and gloomy economic outlook
• New yearly low has been marked at 1.0760
• On hourly chart, a classic continuation pattern has been formed, called pennant flag
• Pennants usually follow a steep move where prices consolidate for a while to continue then following the previous trend
• Target to the downside is around 1.06
• New yearly low has been marked at 1.0760
• On hourly chart, a classic continuation pattern has been formed, called pennant flag
• Pennants usually follow a steep move where prices consolidate for a while to continue then following the previous trend
• Target to the downside is around 1.06
Ramzi Abou Abdallah, CFTe, CMT
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