EURUSD – Looking for higher levels as EURUSD seen as a flag formation

by Admin

EURUSD – Although EURUSD posted a negative daily performance yesterday the selloff has attracted buyers and the dip has been bought under 1.3050. This renewed buying pressure has continued in Asia. If we look to the intraday chart this recent price action has formed a corrective channel. This can also be seen as a bullish flag formation. Although a break of 1.3095 (channel top) is needed to confirm the positive momentum, this has resulted in the bias being for higher levels. However, risk/reward is poor to call a buy at the 7am open so we look for a mild correction to get long today. The call is Bullish Bias – Looking to Buy at 1.3059 stop at 1.3030. The profit targets will be: 1.3095, 1.3140 and towards 1.3219.

EURUSD

Support levels are: 1.3059, 1.3030 and 1.3008