EUR/USD: bullish "Flag" pattern

EUR/USD: bullish "Flag" pattern


Bulls faced with resistance at 1.1787, so the price is consolidating. The main intraday target is the next resistance at 1.1836. If a pullback from this level happens, we could have a bearish correction in the direction of the nearest support at 1.1787.


There's a bullish "Flag" pattern, so the market is likely going to continue moving up towards the closest resistance at 1.1804 - 1.1836 during the day. However, if a pullback from these levels arrives little later on, there'll be an opportunity to have a downward correction towards the nearest support at 1.1804 - 1.1787.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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