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Bull Flag

EURUSD TECHS
  • RES 4: 1.1084 High Dec 29
  • RES 3: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 2: 1.0998 High Jan 5
  • RES 1: 1.0981 High Mar 8
  • PRICE: 1.0928 @ 05:50 GMT Mar 13
  • SUP 1: 1.0865 50-day EMA
  • SUP 2: 1.0796 Low Feb 29
  • SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 4: 1.0656 Low Nov 10

A bull theme in EURUSD remains intact following last week’s gains. The latest pullback appears to be a correction and a flag formation - a bullish continuation pattern. A resumption of gains would pave the way for a climb towards 1.0998 next, the Jan 5 high. The 76.4% retracement of the Dec 28 - Feb 14 bear leg is at 1.1034. On the downside, initial firm support to watch is 1.0865, the 50-day EMA. A break of this average is required to signal a top.

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