This EUR/USD 1-hour chart showcases a classic Bull Flag Pattern, a strong continuation formation indicating the potential for further upside momentum.
- The pair experienced a sharp bullish impulse move, forming the flagpole.
- The price then entered a consolidation phase within a downward-sloping channel, forming the flag.
- A breakout above the upper trendline of the flag could confirm a continuation of the uptrend.
Traders should monitor key resistance levels and volume confirmation upon breakout. A successful retest of the flag's resistance as new support could provide a strong buying opportunity, with the next target potentially aligning with the flagpole’s measured move projection.
As always, apply risk management and consider additional confluences such as Fibonacci levels, moving averages, or fundamental factors.
- The pair experienced a sharp bullish impulse move, forming the flagpole.
- The price then entered a consolidation phase within a downward-sloping channel, forming the flag.
- A breakout above the upper trendline of the flag could confirm a continuation of the uptrend.
Traders should monitor key resistance levels and volume confirmation upon breakout. A successful retest of the flag's resistance as new support could provide a strong buying opportunity, with the next target potentially aligning with the flagpole’s measured move projection.
As always, apply risk management and consider additional confluences such as Fibonacci levels, moving averages, or fundamental factors.
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.