Blake Morrow’s EDGE Chart of The Day – EURUSD
Blake Morrow’s EDGE Chart of The Day – EURUSD
Bull Flag
The EURUSD is developing a bull flag pattern, and reinforced the pattern on the dip to the 1.1686 level, or 38% Fibonacci retracement. For bulls, this level will be critical to hold in the session ahead. A break back above the flag resistance at 1.1750 would reengage the dip buyers.
For the traders looking for a bigger US Dollar bounce, a move back below the 1.1686 level may open the door for a move back below the 1.1600 level.
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