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EURUSD Remains Bullish - Flag Potential

EURUSD Remains Bullish - Flag Potential

2012-08-28 15:12:00
Christopher Vecchio, CFA, Senior Strategist
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4-Hour Bars

eliottWaves_eur-usd_body_Picture_1.png, EURUSD Remains Bullish - Flag Potential

Prepared by Christopher Vecchio, Currency Analyst

Little has changed over the past several days although the EURUSD maybe working on a Bull Flag within its ascending channel/wedge off of the July 24 low, as well as within an Inverse Head & Shoulders pattern in the works since late-June. Given the Head at 1.2040/45, this would draw into focus 1.2760 as long as price holds above 1.2405. Interim resistance comes in at 1.2560, 1.2615/20 (channel resistance, 100-DMA), and 1.2660/70 (long-term descending channel resistance). Near-term support comes in at 1.2500, 1.2440/45 (former swing highs), 1.2405 (Neckline), 1.2310/30, 1.2250/65, and 1.2155/70.

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