EUR/USD Bull Flag Playing Out. An Opportunity to Long? | Vantage FX

EUR/USD Bull Flag Playing Out. An Opportunity to Long?

December 15, 2017

Good morning traders,

If you’re a reader of the blog, you’d know that we’ve been watching the bull flag on EUR/USD. If you’re not, then please click the link to that last blog and take a look at why I’ve drawn some of those key higher time frame levels before we continue.

The EUR/USD daily chart is pretty much the same, but price is starting to bounce off the horizontal line that we had on our charts from before. Potential higher time frame resistance that we’re looking to turn to support if the bull flag is going to break out:

EUR/USD Daily:

Click on chart to see a larger view.

Now after looking at the higher time frame chart, take a step down into the hourly chart and take a look at the price action that’s unfolding:

EUR/USD Hourly:

Click on chart to see a larger view.

So if the higher time frame bull flag and possible retest of previous resistance as support is telling us to look for longs, this level could be one such opportunity.

1 to 2 shows a higher high signaling a possible intraday trend reversal and then 3 is a simple retest of previous short term resistance as possible support. A level to manage our risk around if getting long.

Best of probabilities to you!

Dane Williams – Vantage FX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

SymbolBidAskSpread

Spread

Fast & Easy Account Opening Start Now!



  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!

Vantage International Group Limited is regulated by CIMA.

Important

You may prefer to apply for an account with our Australian Regulated Entity – Vantage Global Prime Pty Ltd.
Vantage Global Prime Pty Ltd – an ASIC regulated entity offers additional regulatory protections and safeguards that will not apply when opening account under our Cayman Islands regulated entity. These safeguards include restricted leverage, negative balance protection, a mandatory 50% margin close out rule, client money protection under ASIC Client Money Reporting Rules 2017 and access to an external dispute resolution body – the Australian Financial Complaints Authority (AFCA). Click here to open an account with Vantage Global Prime Pty Ltd.
Alternatively, you can continue with your current application under our CIMA regulated entity.

CONTINUE