EURUSD continues sideways in what looks like a bullish flag
EURUSD has held support at 1.18-1.1750 in the previous two weeks. Since July it seems that EURUSD is going nowhere. A sideways move between 1.19-1.16 has formed a bullish pattern.
Green lines – bull flag
EURUSD is forming a weekly bullish flag. Breaking above 1.19 and staying above it will be a bullish confirmation of this pattern with 1.25 as potential target. Support remains key at 1.16 for the longer-term.
Short-term support is defined by the upward sloping blue trend line support at 1.1850. The recent low at the beginning of this week is also an important support and bulls do not want to see price below it. This will increase chances of a pull back towards 1.16 again.The material has been provided by InstaForex Company – www.instaforex.com