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KQMarkets

EURUSD Bearish Flag Pattern - Downtrend Resumes

Short
Euro / Dollar Américain (FX:EURUSD)  
KQMarkets  
FX:EURUSD   Euro / Dollar Américain
Flag Trend Lines Volume EURUSD short Bearish Flag
1
0
flagpattern trendline volumestudies eurusd short bearishflag
Our analysis on the 18.04 indicated a Double Top Reversal Pattern from which we expected the EURUSD downtrend to resume. The currency pair effectively continued falling towards 1.114 before reversing towards 1.116 and consolidating between 1.114 and 1.116 on low trading volume before resuming it's downtrend as trading volumes increased. We therefore see that a bearish flag pattern was formed continuing the current downtrend and as a result maintain our short EUR/USD position.
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