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EUR/USD Technical Analysis: Euro has charted a bull flag

Euro's pullback from the Jan. 9 high of 1.1570 could end refreshing the rally from the Jan. 2 low of 1.1306.

Hourly chart

  • As seen above, the currency has charted a bull flag, which is a bullish continuation pattern. Put simply, it is a pause which often ends up accelerating the preceding bullish move.
  • A break above the upper edge of the flag, currently at 1.15, would open the doors to 1.1694 (target as per the measured move method). On the way higher, the currency pair could face stiff resistance at 1.1570 (Jan. 9 high).
  • The prospects of bull breakout would drop sharply if the immediate support at 1.14 is breached.

Trend: Bullish above 1.15

EUR/USD

Overview:
    Today Last Price: 1.1478
    Today Daily change: 9.0 pips
    Today Daily change %: 0.0785%
    Today Daily Open: 1.1469
Trends:
    Previous Daily SMA20: 1.1429
    Previous Daily SMA50: 1.1385
    Previous Daily SMA100: 1.1474
    Previous Daily SMA200: 1.1623
Levels:
    Previous Daily High: 1.1484
    Previous Daily Low: 1.145
    Previous Weekly High: 1.1571
    Previous Weekly Low: 1.1396
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Previous Daily Fibonacci 38.2%: 1.1471
    Previous Daily Fibonacci 61.8%: 1.1463
    Previous Daily Pivot Point S1: 1.1452
    Previous Daily Pivot Point S2: 1.1435
    Previous Daily Pivot Point S3: 1.1419
    Previous Daily Pivot Point R1: 1.1485
    Previous Daily Pivot Point R2: 1.1501
    Previous Daily Pivot Point R3: 1.1518

 

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