- The EUR/USD has scaled rising trendline and has charted a bull flag-like pattern on the hourly chart. ECB’s Nowotny’s comments have put a bid under the common currency.
- A break above 1.17 (top end of the flag) would signal bullish revival and open the doors to re-test of the recent high of 1.1733. A violation there would expose resistance at 1.1751 (July 23 high).
- A move below the lower end of the flag would mean a temporary top has been made at 1.1733 and could yield a deeper pullback to 1.16.
Hourly chart
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Spot Rate: 1.1685
Daily High: 1.1690
Daily Low: 1.1660
Trend: Bullish above 1.16
R1: 1.17 (flag hurdle)
R2: 1.1733 (recent high)
R3: 1.1751 (July 21 high)
Support
S1: 1.1660 (session low)
S2: 1.1642 (Aug. 30 low support on the hourly chart)
S3: 1.1624 (200-hour moving average)
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