EURUSD, Ascending-Channel, High-Likelihood Bear-Flag!!

Hello,

Welcome to this analysis about EURUSD and the 4-hour timeframe perspectives. The global determinations for EURUSD have already shown a mainly bearish development and now when looking at the more local frames as the 4-hour chart I discovered a decisive formation forming that should not be kept from the desk here. Therefore, when looking at my chart we can watch there how EURUSD is now about to form this major ascending-channel that is likely to complete as a bear-flag especially as the rejection from this main descending-resistance-line was the precarious origin of this bearish move to the downside which has now a high likelihood to continue. In this case, when EURUSD closes below the lower boundary of the bear-flag this will be the origin for the further continuations and EURUSD will move on to approach the lower zones especially the lower target-zone within the 1.145 level marked in blue. Once this zone has been reached it has to be elevated how EURUSD approaches into there and if there comes a possible reversal or EURUSD just sets up for the further bearish continuations. As there are some good supports given a reversal in the structure can be considered.

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Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: EURUSD continued with the completion of the bear flag wave count to finalize the whole bear flag with an accelerated bearish breakout determination.

EURUSD since completing the bearish flag momentum breakout continued with the bearish wave extension reaching all of the target zones.