EURO - Continuation as bear flag!!
Hello everyone
As we have seen a great loss of support level 1.078$ and 1.06$ on EURUSD, now we have the support level 1.05$ which leave us with possible outcomes of:
- Continuation of the wedge that can be seen in 4 hours chart as bear flag which is more likely because of the last daily bar with the shadow almost as long as the body and the context of bear market on daily chart. This will lead to fall of the EURUSD to lower channel with the support level of 1.035$ which the price last seen on Dec 2016 & Jan 2017.
- Or we can have the price continues in the channel between 1.06$ and 1.05$ for the whole week and wait for a reversal pattern.
The war in Europe also can be a factor in our bear trend.
As we have seen a great loss of support level 1.078$ and 1.06$ on EURUSD, now we have the support level 1.05$ which leave us with possible outcomes of:
- Continuation of the wedge that can be seen in 4 hours chart as bear flag which is more likely because of the last daily bar with the shadow almost as long as the body and the context of bear market on daily chart. This will lead to fall of the EURUSD to lower channel with the support level of 1.035$ which the price last seen on Dec 2016 & Jan 2017.
- Or we can have the price continues in the channel between 1.06$ and 1.05$ for the whole week and wait for a reversal pattern.
The war in Europe also can be a factor in our bear trend.
Note
so far so good.Note
As you can see,we have a good amount of shadows on top of the last 3 bars on daily chart,which indicates that the selling pressure still exist and we may have some red bars for the next couple of days.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.