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Break of patterns setup momentum in FX market

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is building a small bear flag chart pattern (orange and green trend lines). A bullish break could indicate that the larger wave 4 (blue) is still not completed. A bearish break of the bear flag could indicate that a larger retracement or even reversal (and completion of wave 4) is taking place. 1 hour The EUR/USD chart is showing 2 wave possibilities. The main scenario is a bearish impulsive 5 wave which could occur when the bear flag breaks. The alternative is an

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