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24 Oct 2019
EUR/USD technical analysis: Trapped in a bull flag on 4H chart
- EUR has charted a bull flag pattern on the 4-hour chart.
- A breakout would open the doors for 1.1320.
EUR/USD's pullback from Oct.21's high of 1.1179 to 1.1106 has taken the shape of a bull flag on the 4-hour chart.
A bull flag represents a pause which usually refreshes higher.
A 4-hour close above 1.1134 would confirm a flag breakout and open up upside toward 1.1320 (target as per the measured move method).
The bullish case would weaken if the spot drops below the ascending 50-candle moving average (MA), which has acted as strong support Oct. 2.
As of writing, the pair is largely trading unchanged on the day at 1.1130.
4-hour chart
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Trend: Bullish
Technical levels