EUR/USD technical analysis: Trapped in a bull flag on 4H chart

0
  • EUR has charted a bull flag pattern on the 4-hour chart. 
  • A breakout would open the doors for 1.1320.

EUR/USD’s pullback from Oct.21’s high of 1.1179 to 1.1106 has taken the shape of a bull flag on the 4-hour chart.

A bull flag represents a pause which usually refreshes higher.

A 4-hour close above 1.1134 would confirm a flag breakout and open up upside toward 1.1320 (target as per the measured move method).

The bullish case would weaken if the spot drops below the ascending 50-candle moving average (MA), which has acted as strong support Oct. 2.

As of writing, the pair is largely trading unchanged on the day at 1.1130.

4-hour chart

Trend: Bullish

Technical levels

 

Get the 5 most predictable currency pairs

About Author