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EURUSD TECHS: Bear Flag

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0836 50-day EMA  
  • RES 2: 1.0716 20-day EMA
  • RES 1: 1.0610/0683 Intraday high / Low Nov 6     
  • PRICE: 1.0589 @ 06:04 GMT Nov 20
  • SUP 1: 1.0484 1.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 2: 1.0448 Low Sep 3 2023 and a key support
  • SUP 3: 1.0377 1.236 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing     

Short-term gains in EURUSD are considered corrective - for now - and the trend direction remains down. The latest pause appears to be a bear flag - a bearish continuation pattern. Note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0484 next, a Fibonacci projection. Initial firm resistance to watch is 1.0728, the 20-day EMA.

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  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0836 50-day EMA  
  • RES 2: 1.0716 20-day EMA
  • RES 1: 1.0610/0683 Intraday high / Low Nov 6     
  • PRICE: 1.0589 @ 06:04 GMT Nov 20
  • SUP 1: 1.0484 1.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 2: 1.0448 Low Sep 3 2023 and a key support
  • SUP 3: 1.0377 1.236 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing     

Short-term gains in EURUSD are considered corrective - for now - and the trend direction remains down. The latest pause appears to be a bear flag - a bearish continuation pattern. Note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0484 next, a Fibonacci projection. Initial firm resistance to watch is 1.0728, the 20-day EMA.