EUR/USD remains below key support-turned-resistance of 1.1162. A flag breakdown on the 4-hour chart, if confirmed, would open the doors to levels below 1.10. EUR/USD gained 0.19% on Wednesday, snapping a five-day losing streak, however, the outlook remains bearish as the pair is trading well below the former support-turned-resistance of 1.1162 (Aug. 12 low). Further, the pair seems to have created a bear flag pattern on the 4-hour chart. A bear flag is a pause that usually ends up accelerating the preceding sell-off. A break below 1.1065 would confirm a flag breakdown and create room for a drop to 1.09 (target as per the measured move method). As of writing, the pair is trading at 1.1093. A 4-hour close above 1.1104 would invalidate the flag pattern. That said, a break above 1.1162 to invalidate the bearish put forward by the range breakdown on Aug. 14. 4-hour chart Trend: Bearish Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets Yuan reference rate at 7.0433 FX Street 4 years EUR/USD remains below key support-turned-resistance of 1.1162. A flag breakdown on the 4-hour chart, if confirmed, would open the doors to levels below 1.10. EUR/USD gained 0.19% on Wednesday, snapping a five-day losing streak, however, the outlook remains bearish as the pair is trading well below the former support-turned-resistance of 1.1162 (Aug. 12 low). Further, the pair seems to have created a bear flag pattern on the 4-hour chart. A bear flag is a pause that usually ends up accelerating the preceding sell-off. A break below 1.1065 would confirm a flag breakdown and create room for a drop to 1.09… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
