EUR/USD: developing "Flag" pattern

Bears have broken the "Rising Wedge" and the last upward trendline. Also, there's a possible "Flag" pattern, so the market is likely going to decline towards the nearest support at 1.1108. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the 89 Moving Average.

The pair faced support at 1.1137, so the price is consolidating. However, there's a possible developing "Flag" pattern, so bulls are likely going to test the closest resistance at 1.1165 - 1.1178. Meanwhile, if we have a pullback from this area, bears will have a green light to achieve the next support at 1.1108.

Sergey Logachev

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