19 Apr 2016

EUR/USD BEAR FLAG - STALL AT THE FORMER SUPPORT

EUR/USD H4

After breaking the 2 week consolidation range the rate seems to be working on a bear flag. It is currently testing the former range support as the new resistance at 1.3335.

A strong rejection from this level and a break below the flag's support would open up a way towards the previous support and 161.8% breakout target around 1.1160.

Only a break above 1.1480 would invalidate my immediate bearish outlook for the pair.



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