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EURUSD, GBPUSD opposite patterns: bull flag vs. bearish zigzag

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD showed more bullish momentum yesterday and has reached the 50% Fibonacci target. A bigger resistance zone could be at 1.15 where a 61.8% Fibonacci target and resistance trend lines are aligned. 1 hour The EUR/USD completed a shallow ABC bearish zigzag (green) within wave B (blue) after which price turned around to start the wave C (blue) continuation. For the moment it seems likely that price is in a bull flag (purple lines) chart pattern as part of a wave 4 (green).

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