EUR/USD Bull Flagging

Good morning traders,

Back into the charts today with a look at EUR/USD.

We’ve talked about this EUR/USD retest of range breakout on the blog before and this is a nice continuation of the price narrative today.

EUR/USD Daily:

Click on chart to see a larger view.

On the daily, you can see the massive range we’ve been following.

You can also see how price has broken above the level and now pulled back to retest previous resistance this time as possible support.

EUR/USD 4 Hourly:

Click on chart to see a larger view.

Take a step down into the 4 hourly chart and the narrative runs deeper again.

What we have here, is not only the resistance turned support level from the daily chart above, but also an intraday bull flag.

If this level holds, then it’s a nice higher time frame level to look at managing your risk around.

Well that’s another week in the books. Stay safe trading the final couple of sessions on a Friday and if you’re holding longer term positions over the weekend, make sure your risk is clearly defined and managed properly.

Best of probabilities to you!

Dane Williams – @VantageFX

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Source: Vantage FX Blog