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 (would come amid a major breakout) 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.