〽️ EUR/USD Bear Flag Chart Pattern Tests 1.12 Resistance 〽️

3 min read

Hi traders,

the EUR/USD is building a bear flag chart pattern which is retesting a key resistance zone. A break below the bottom of the bear flag chart pattern could confirm the downtrend continuation.

EUR/USD

4 hour

The EUR/USD could also make a bearish bounce at the resistance zone (red box) or trend line (red). Both scenarios would confirm a downtrend and bearish breakout. The main targets are the Fibonacci levels of wave 3 vs 1.

1 hour 

The EUR/USD is testing the Fibonacci retracement levels of wave 4 vs 3, which is a key decision zone for a bearish bounce or bullish breakout. A bearish bounce in the resistance zone would also need to see a a bearish breakout below the support trend line (blue) before a downtrend is back on track.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading, Chris Svorcik

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of