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EUR/USD Testing Bear Flag Support

EUR/USD Testing Bear Flag Support

2016-11-18 14:16:00
James Stanley, Strategist
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Talking Points:

- Next week brings a holiday-shortened week as the United States is observing Thanksgiving on Thursday. The Friday after Thanksgiving can be dangerous as liquidity is often low, so effectively next week brings three viable trading days for traders to be on guard.

- Of particular interest for next week are the themes of rampant U.S. Dollar strength, and this helps to put EUR/USD in the spotlight as the pair is testing long-term support levels ahead of the holiday.

- If you’re looking for trading ideas, check out our Trading Guides.

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This week has seen a rampage take place in the U.S. Dollar. This has created reverberations in many currency pairs as the surging Dollar has produced multiple support and resistance breaks. Of particular note has been the move in EUR/USD as the pair has broken down to fresh 11-month lows, catching support off of a trend-line that has helped to set a bear flag formation in EUR/USD for almost two years now.

EUR/USD Testing Bear Flag Support

Chart prepared by James Stanley

Below, we take a shorter-term look at which support points may be of interest as we head-in to next week.

EUR/USD Testing Bear Flag Support

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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