Flag on EUR/USD

Flag on EUR/USD

Since the beginning of this month, the bearish sentiment has been prevailing on the EUR/USD currency pair. At the moment, a classic figure of technical analysis, Flag, (M30 timeframe) was formed, which is a continuation form of the current trend. Indicators signal the power of sellers: the price has fixed below 50 MA and 200 MA; the MACD histogram is in the negative zone and continues to decrease. We recommend you to pay attention to this situation.

If the price fixes below the local support of 1.22300, you need to look for entry points to the market to open short positions. The immediate goal of profit-taking is 1.21800. In the medium term, EUR/USD may reach the level of 1.21500-1.21250. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.02.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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