EUR/USD Bear Flag Pattern within Wave 4
4 hour
The EUR/USD seems to be making a slow and corrective chart pattern, which is probably a bullish retracement within a wave 4 (blue). This is valid as long as the price stays below the 50% Fibonacci level of wave 4 vs 3. A break above the 50% Fib makes a wave 4 less likely. A break below the support line (blue) of the channel could indicate a bearish breakout towards the Fibonacci targets of wave 5.
1 hour
The EUR/USD seems to have completed an ABC (green) correction within wave 4 (blue). A break above the resistance trend line could indicate a larger bullish correction, whereas a bearish break could start the bearish wave 5 (blue).
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