EURUSD Daily Forecast: H&S Vs Flag

EURUSD Daily Forecast: H&S Vs Flag

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The EURUSD had a bullish momentum yesterday. I think the situation is a little bit tricky right now and we must be very very patient. While “head and shoulders” bearish scenario seems to diminish since failure to move consistently below the neckline, a “flag” formation appear on... Full Story

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EURUSD Daily Forecast

The EURUSD had a bullish momentum yesterday. I think the situation is a little bit tricky right now and we must be very very patient. While “head and shoulders” bearish scenario seems to diminish since failure to move consistently below the neckline, a “flag” formation appear on daily chart suggesting bullish continuation scenario. I think we are still in no trading zone area and I don’t like this technical contradiction, but breakout to the upside of the flag area should trigger further bullish scenario back towards 1.4350 area. Immediate resistance is seen at 1.4050. Break above that area should trigger further bullish momentum. Initial support at 1.3850 followed by 1.3790.