EURUSD TA for the week of 28 Aug (trading the bullflag)
Mario draghi's speech regarding the eurozone's economic recovery has brought a huge spike above to a fresh 1 year high of 1.1941, well above the major resistance of 1.191.
RSI indicates bullish bias , and severely overbought on the 4h chart.
bullish trend continuation and completed bullflag on the daily with a breakout retest done on the 15 mins chart.
potential retracement back down to demand zone 1.1784 - 1.185 for further upside.
potential targets on the upside at 1.2041 - 1.228 (major previous supports from the past)
alternatively, a trade back down below 78.6% at 1.1784 would expose for potential targets of 1.1685 or even 1.1662.
buying dips would be a good strategy to apply to trading this market, however the swaps would be a pain in the ass in the long run due to ECB's low interest rate issue.
RSI indicates bullish bias , and severely overbought on the 4h chart.
bullish trend continuation and completed bullflag on the daily with a breakout retest done on the 15 mins chart.
potential retracement back down to demand zone 1.1784 - 1.185 for further upside.
potential targets on the upside at 1.2041 - 1.228 (major previous supports from the past)
alternatively, a trade back down below 78.6% at 1.1784 would expose for potential targets of 1.1685 or even 1.1662.
buying dips would be a good strategy to apply to trading this market, however the swaps would be a pain in the ass in the long run due to ECB's low interest rate issue.
Comment:
pardon me guys , the correct time frame for this chart should be 4h but i set it to daily accidentely.