Chart of the day: EUR/USD

Blake Morrow Forex Analytix

Bull Flag

The EURUSD is developing a bull flag pattern, and reinforced the pattern on the dip to the 1.1686 level, or 38% Fibonacci retracement. For bulls, this level will be critical to hold in the session ahead. A break back above the flag resistance at 1.1750 would reengage the dip buyers.

For the traders looking for a bigger US Dollar bounce, a move back below the 1.1686 level may open the door for a move back below the 1.1600 level.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.