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Bear Flag Formation Reinforces Downtrend

EURUSD TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0657/0758 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0642 High May 5
  • PRICE: 1.0543 @ 06:08 BST May 11
  • SUP 1: 1.0472/54 Low Apr 28 and the bear trigger / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD is rangebound. The pause in the downtrend still appears to be a bear flag formation. This is a bearish continuation pattern that also highlights a shallow correction and reinforces the current trend direction. Furthermore, moving average studies remain in a bear mode set-up. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0657, the 20-day EMA.

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  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0657/0758 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0642 High May 5
  • PRICE: 1.0543 @ 06:08 BST May 11
  • SUP 1: 1.0472/54 Low Apr 28 and the bear trigger / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD is rangebound. The pause in the downtrend still appears to be a bear flag formation. This is a bearish continuation pattern that also highlights a shallow correction and reinforces the current trend direction. Furthermore, moving average studies remain in a bear mode set-up. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0657, the 20-day EMA.