Bull Flag and Approaching Major Trend Line
Looking at EURUSD on the Daily time frame, I am noticing that we are currently in a bull flag. We are also approaching the top of a major trend line (Blue) that has had multiple price rejections dating back 3/14/14 and 5/7/14 and also 4/29/11!! Every time we have approached this trend line we have fallen hard. I will watch and see if we make our way back up there.
The MACD is signaling downward momentum, but volume is not very strong at this point. The EMA and MA are have been very close together for some period of time, and there is indecision which proves authenticity of this bull flag because we are now in the consolidation period of the bull flag.
I will be watching the 1.217 level very closely as we come closer to that level, if we do. I can see the market finding support off of the rising trend line (Pink) and bull flag intersection, and possibly breaking to the upside completing the bull flag. If we do, we will meet initial resistance at 1.25 and then our next level of resistance at the major downtrend line (Blue). There are a lot of resistance levels that EURUSD may face here in the coming weeks, and I will be looking for a rejection within this region.
The MACD is signaling downward momentum, but volume is not very strong at this point. The EMA and MA are have been very close together for some period of time, and there is indecision which proves authenticity of this bull flag because we are now in the consolidation period of the bull flag.
I will be watching the 1.217 level very closely as we come closer to that level, if we do. I can see the market finding support off of the rising trend line (Pink) and bull flag intersection, and possibly breaking to the upside completing the bull flag. If we do, we will meet initial resistance at 1.25 and then our next level of resistance at the major downtrend line (Blue). There are a lot of resistance levels that EURUSD may face here in the coming weeks, and I will be looking for a rejection within this region.
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