Lingrid | EURUSD LONG after Flag Pattern BREAKOUT

The price perfectly fulfilled my last idea. It played out nicely; it hit the targeted level. EURUSD has rebounded off the crucial psychological support level at 1.08000, and it appears to be forming a bullish flag pattern. A breakout of this pattern could lead to a further upward momentum. On the daily timeframe, we see a strong bullish candle, which shows the bullish sentiment. On the 4H timeframe, the trend remains bullish, and a breakout above the resistance level at 1.08600 could trigger a significant influx of buy orders. Meanwhile, the DXY has also bounced off the strong resistance zone at 105.00, an area that has been respected multiple times before. Overall, I anticipate a break above and close above the flag pattern, followed by a potential upward move if the price action continues to stay within its upward channel. My goal is the resistance at 1.09280

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Yorum:

The price perfectly fulfilled my last idea. The market broke and closed above the flag pattern, which was essentially a downward channel on the 1H timeframe. Notably, the price surged through this channel, closing above it, which suggests a trend continuation sign. As the price approaches the previous week's high, momentum appears to be slowing down. Given this, I anticipate a pullback or range zone formation because of PWH before the market continues its upward trajectory. On the daily timeframe, we see a break and close above previous day highs, indicating bullish dominance. If the market closes above the psychological resistance level, it could potentially open up a path to 1.09300. My target is the resistance zone at 1.09000.