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EUR/USD In Bull Flag At Resistance

Published 01/23/2018, 10:11 AM
Updated 07/09/2023, 06:31 AM

EUR/USD

The EUR/USD daily Forex chart has been in a tight trading range for 7 days. Since it is after a strong rally, it is a bull flag. The odds favor a bull breakout.


The EUR/USD daily Forex chart has been in a tight trading range for 7 days. There is a 60% chance of a bull breakout and a 40% chance of a bear breakout. As more days get added, the probabilities will approach 50%.

Since the chart is testing the bottom of a 10-year trading range on the monthly chart, it is at resistance. It is also near the top of a wedge rally on the monthly chart. Consequently, the bears are hoping for a reversal down that could last several months. Yet, in the absence of consecutive big bear bars on the daily chart, the odds continue to favor higher prices.

Overnight EUR/USD Forex Trading


The 5-minute chart has been in a tight trading range for 5 days. In addition, it has been in a 60-pip range for 2 days. As a result, day traders are scalping, waiting for a strong breakout up or down.

Latest comments

Thanks for the very good Price action analyse. i like your Price action  Books ;-)
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