EUR/USD Bullish Price Action Breaks Bull Flag Patterns

EUR/USD

4 hour

The EUR/USD bullish momentum broke above multiple resistance trend lines (dotted red) and is building an uptrend channel. This bullish price action could be either wave 1 (green) of the uptrend or a bearish correction within a larger ABC (brown) zigzag within wave 2 (purple).

1 hour

The EUR/USD broke above multiple bull flag chart patterns and is now building a new corrective pattern. A new break above the resistance (red) trend line could create a bullish continuation whereas a break below support could indicate the end of wave 1 (green) or wave B (brown). In case price is in a wave 1, then the bottom of wave 1 at 1.2250 may not be broken otherwise this wave pattern is invalidated.

Good trading,

Chris Svorcik

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