EUR/USD: developing "Flag" pattern

Read the article on FBS website

16-6-2017-EUR-H4.png

Bears have broken the "Rising Wedge" and the last upward trendline. Also, there's a possible "Flag" pattern, so the market is likely going to decline towards the nearest support at 1.1108. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the 89 Moving Average.

16-6-2017-EUR-H1.png

The pair faced support at 1.1137, so the price is consolidating. However, there's a possible developing "Flag" pattern, so bulls are likely going to test the closest resistance at 1.1165 - 1.1178. Meanwhile, if we have a pullback from this area, bears will have a green light to achieve the next support at 1.1108.

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.