The EUR/USD is currently forming a bullish flag pattern, characterized by a sharp upward movement (flagpole) followed by a consolidation in the form of a triangle. This pattern typically signals a continuation of the prior uptrend.
Key Levels:
Breakout Level: Watch for a breakout above the upper boundary of the triangle, around 1.0285.
Support: A break below 1.0250 would invalidate the bullish flag and could signal further downside.
Target: Upon a confirmed breakout, the potential target is calculated by adding the flagpole's length (~150 pips) to the breakout level, aiming for 1.0435.
Strategy:
Bullish Scenario: Enter long after a confirmed breakout above the resistance with volume confirmation.
Stop-Loss: Set below 1.0250 to manage risk.
Bearish Scenario: If the price breaks below the flag, it may trigger a deeper correction.
Notes:
Monitor volume during the breakout for confirmation. Low volume could lead to a false breakout.
Let me know what you think! 🚀
Key Levels:
Breakout Level: Watch for a breakout above the upper boundary of the triangle, around 1.0285.
Support: A break below 1.0250 would invalidate the bullish flag and could signal further downside.
Target: Upon a confirmed breakout, the potential target is calculated by adding the flagpole's length (~150 pips) to the breakout level, aiming for 1.0435.
Strategy:
Bullish Scenario: Enter long after a confirmed breakout above the resistance with volume confirmation.
Stop-Loss: Set below 1.0250 to manage risk.
Bearish Scenario: If the price breaks below the flag, it may trigger a deeper correction.
Notes:
Monitor volume during the breakout for confirmation. Low volume could lead to a false breakout.
Let me know what you think! 🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.