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EUR/USD bear flag

  • #1
  • First Post: Jan 7, 2010 9:09am Jan 7, 2010 9:09am
Hi all,

We trade in France and I can tell you that we do not really have good news in the euro area ... We have located a figure continuation of the trend ( Bear Flag), it indicates that EUR USD would break support at 1.4290 and then dropped to 1.3560. What are your feelings?

All the best
  • #2
  • Jan 7, 2010 1:36pm Jan 7, 2010 1:36pm
Hi,

This is what I PERSONALLY think:

I'm trading the EUR/USD on the weekly chart and as you can see on the attached chart, the 1.4290 level was a Strong Resistance level and was broken, once it's broken it acts as Support level.

So what I think is that it will act as a strong support and the price will bounce from it soon to the upside, I will go long on this setup.

This is what I PERSONALLY think and it's not a trade advice, I don't encourage anyone to trade this setup if you're not sure.

Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 17 KB
  • #3
  • Jan 7, 2010 3:40pm Jan 7, 2010 3:40pm
Quoting X Trader
Hi,

This is what I PERSONALLY think:

I'm trading the EUR/USD on the weekly chart and as you can see on the attached chart, the 1.4290 level was a Strong Resistance level and was broken, once it's broken it acts as Support level.

So what I think is that it will act as a strong support and the price will bounce from it soon to the upside, I will go long on this setup.

This is what I PERSONALLY think and it's not a trade advice, I don't encourage anyone to trade this setup if you're not sure.

Thank you.
I concur.
There was a pretty substantial bear movement that started in late November that carried into Mid December where we saw the first test of that strong support line. Price has failed to penetrate this line for the last 4 weeks in a row.
  • #4
  • Jan 7, 2010 4:05pm Jan 7, 2010 4:05pm
Quoting therbcoe
I concur.
There was a pretty substantial bear movement that started in late November that carried into Mid December where we saw the first test of that strong support line. Price has failed to penetrate this line for the last 4 weeks in a row.
Yes, On the 4H chart as attached you'll notice a congestion area where I'm expecting the price to breakout to the upside and start a new swing.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 19 KB
  • #5
  • Last Post: Jan 8, 2010 2:32am Jan 8, 2010 2:32am
http://www.forexfactory.com/attachme...1&d=1262938603
EUR/USD


Hi,
Flags and Pennants can be categorized as continuation patterns. They usually represent only brief pauses in a dynamic stock. They are typically seen right after a big, quick move. The stock then usually takes off again in the same direction... More about bear flag here http://chart-patterns.netfirms.com/bearflag.htm

All the best
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