BluetonaFX - EURUSD Bear Flag Pattern SHORT Idea
Hi Traders!
There is a bear flag pattern on the EURUSD 1D chart, and if we get a break of the flag channel, there is potential for continuation towards the yearly low at 1.04485.
Price Action 📊
The market is currently in the flag channel and has failed to break back above the 20 EMA, which is a bearish signal. We are looking for a momentum break and a close below the flag channel to potentially target 1.04485 for a re-test of the level.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter.
Support 📉
1.05352: PREVIOUS DAY'S LOW
1.04485: YEARLY LOW
Resistance 📈
1.05971: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a bear flag pattern on the EURUSD 1D chart, and if we get a break of the flag channel, there is potential for continuation towards the yearly low at 1.04485.
Price Action 📊
The market is currently in the flag channel and has failed to break back above the 20 EMA, which is a bearish signal. We are looking for a momentum break and a close below the flag channel to potentially target 1.04485 for a re-test of the level.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter.
Support 📉
1.05352: PREVIOUS DAY'S LOW
1.04485: YEARLY LOW
Resistance 📈
1.05971: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX