Flag + Double Bottom EURUSD Continuation Pattern

Hi guys,

Here some analysis on the EUR/USD pair:

We are still in a strong bullish trend and currently a nice correction has been formed lying on a major, historical and daily support. Therefore we might see a bounce from this support (middle black line).

Trade setup:
- Consolidation has been formed right on the major support
- Double bottom (with 2 long wicks) has been formed
- Flag pattern has been formed
- Put a BUY LIMIT order on the breakout of the small consolidation area (which is also the flag pattern breakout)
-Stop loss 5 pips below the lows of the double bottom candles
- Take profit is on the next major resistance line
- Risk reward 2:1

Hope you enjoyed my analysis.

Feel free to leave a comment or a like.

Cheers,

Sebastiano

Yorum:

Order already triggered. A nice green candle has broken the consolidation, therefore it is a good sign.

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