EUR/USD Bear Flag Chart Pattern Tests 1.12 Resistance - Action Forex

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EUR/USD Bear Flag Chart Pattern Tests 1.12 Resistance - Action Forex

EUR/USD Bear Flag Chart Pattern Tests 1.12 Resistance - Action Forex

Posted: 30 Apr 2019 12:03 AM PDT

The EUR/USD could also make a bearish bounce at the resistance zone (red box) or trend line (red). Both scenarios would confirm a downtrend and bearish breakout. The main targets are the Fibonacci levels of wave 3 vs 1.

The EUR/USD is testing the Fibonacci retracement levels of wave 4 vs 3, which is a key decision zone for a bearish bounce or bullish breakout. A bearish bounce in the resistance zone would also need to see a a bearish breakout below the support trend line (blue) before a downtrend is back on track.

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