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EURUSD Weekly Chart Bull Flag Consolidation Near Complete

EURUSD Weekly Chart Bull Flag Consolidation Near Complete

Posted March 30, 2023
Darren Chu
Tradable Patterns

EURUSD Weekly Chart Bull Flag Consolidation Near Complete

The EURUSD is in the late stages of a Bull Flag consolidation (on the weekly chart) after forming a fresh March high last week.  Odds are elevated for an extension of the upchannel (on the weekly chart) to a fresh 2023 high and the psychologically key 1.10 whole figure level by early April.  Keeping any pullbacks in the next week shallow will be the progress the EURUSD has made in trying to halt a major downchannel that began 2008.  A bullish catalyst may arrive as early as today at 830am EST with the US GDP and unemployment claims and Friday with the US core PCE price index.  Congratulations to paying subscribers who benefited from the Oct 25, 2022 analysis suggesting early signs of a major bottom forming.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPUSD, NATURAL GAS

Source: Interactive Brokers TWS

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