EUR/USD Technical Analysis: On the defensive with a bear flag on 4H chart

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  • EUR/USD’s bounce from Thursday’s low of 1.1226 has ended up creating a bear flag pattern on the 4-hour chart.
  • A break below the lower edge of the flag, currently at 1.1243, would open up downside toward 1.1145 (target as per the measured move method).
  • The EUR/USD pair is currently trading at 1.1250, representing a 0.10 percent drop on the day, having gained 0.10 percent and 0.15 percent in the previous two trading days.
  • Both the US retail sales for March and the weekly jobless claims released last week suggested the world’s biggest economy did well in the first three months of 2019 than previously thought. As a result, the markets may put a bid under the greenback later today, yielding a flag breakdown on EUR/USD.

4-hour chart

Trend: Bearish below 1.1243

 

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