Flag on EUR/USD

Flag on EUR/USD

Last week, the EUR/USD currency pair kept the key offer zone of 1.24250-1.24450, which caused the bearish sentiment. The technical pattern indicates a further correction of the trading instrument. At the moment, the classical figure, Flag, (H1 timeframe) has been formed, which is a continuation form of the current trend. The round level of 1.23000 is a key support. We recommend you to pay attention to this situation.

If the price fixes below 1.23000, you need to look for entry points to the market to open short positions. The closest target for profit taking is the support level of 1.22500. In the medium term, EUR/USD may reach 1.22000-1.21600. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.03.12

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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