EUR/USD: developing "Flag" pattern

EUR/USD: developing "Flag" pattern


The price is consolidating between the levels 1.1695 - 1.1582. Also, there's a developing "Flag" pattern, so the market is likely going to reach the nearest resistance at 1.1724 - 1.1729. If a pullback from this area happens, there'll be an opportunity to have a decline towards the closest support at 1.1634 - 1.1615.


There's a consolidating, which is taking place between the 55 & 89 Moving Averages. Moreover, we've got a "V-Top" pattern, so bears are likely going to test the 34 Moving Average soon. If a pullback from this line arrives little later on, bulls will probably try to reach the next resistance at 1.1695 - 1.1724.



EUR/USD: 34 & 55 MA acting as support

There isn't any reversal pattern. In this case, the price is likely going to test the nearest support area once again. If a bullish pattern forms...


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