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Euro / U.S. Dollar
Short

EURUSD → Consolidation “flag”. Willingness to go below...

By RLinda
Updated
EURUSD is forming a consolidation in the “flag” format, the purpose of which, in the current situation, is to accumulate the potential for continuation of the trend... Fundamental background is still negative.

snapshot

On D1 we can clearly see the consolidation below the key level of 1.0600 after a strong fall. There is no proper and logical reaction in the form of a pullback. Accordingly, based on this we can conclude that the dynamics and strength of the buyer is not enough to reverse the local situation.
The dollar is starting the recovery phase again, which may put pressure on the euro.
Technically, the emphasis on consolidation “flag”. The exit of the price from the boundaries of this channel will provoke further movement.

Resistance levels: 1.0606
Support levels: 1.0521, 1.044

It is not worth trading inside the flag. The exception is a retest of resistance. Opening an order is acceptable after a false breakout.
But, the emphasis is on 1.052. Breakout and fixing of the price below this zone can strengthen the fall

Rate, share your opinion and questions, let's discuss what's going on with ★ EURUSD ;)


Regards R. Linda!
Trade closed: target reached
+80pips
Chart PatternsconsolidationDescending ChannelDXYFibonacci RetracementFLAGFLATFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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