1.28, flag pattern: The correction rally in EUR/USD continued during the 11/15 session, until the key 1.28 level. The 1H chart shows the decline break below a correction channel, fall back below the 200-hour SMA and push the RSI reading below 40. The “channel” could be interpreted as a flag pattern when compared to the bearish price action since October. The respect of 1.28 and breakout shows inability to maintain bullish momentum. There are a couple of pivots at 1.2717 and 1.2689 that can provide intra-session support, but if EUR/USD can hold below the 1.2760 near-term pivot, the focus is to the downside, with ... (full story)