EURUSD Trading the Bull Flag Formation
A small bull flag looks to be in the early stages of formation.
With DXY still under pressure and expected to fall away a
further 2.5% to 88 over the coming weeks EUR has further
upside in store. Can buy the dip back to the lower parallel of
the flag - if EUR is to remain very positive there will only be 2
strikes on the lower parallel of the flag before it rallies up
through the upper parallel to challenge 1.2515-1.2566 range
where it will become vulnerable once more.
Buy the dip to the lower parallel of the flag at 1.2092 with
stop below 1.2050. Add on the break above the upper parallel
of the flag and finally reverse from 1.2520 with stop above
1.2587
A small bull flag looks to be in the early stages of formation.
With DXY still under pressure and expected to fall away a
further 2.5% to 88 over the coming weeks EUR has further
upside in store. Can buy the dip back to the lower parallel of
the flag - if EUR is to remain very positive there will only be 2
strikes on the lower parallel of the flag before it rallies up
through the upper parallel to challenge 1.2515-1.2566 range
where it will become vulnerable once more.
Buy the dip to the lower parallel of the flag at 1.2092 with
stop below 1.2050. Add on the break above the upper parallel
of the flag and finally reverse from 1.2520 with stop above
1.2587