EUR/USD Price Analysis: Flag breakout on the 15-minute chart

EUR/USD hits a high of 1.1920 in Asia.
The bull flag breakout suggests scope for further gains.

Omkar Godbole FXStreet Contributor

EUR/USD jumped above 1.1910 during Monday's Asian trading hours, triggering a bullish flag breakout on the 15-minute chart.

A flag is a continuation pattern – it accelerates the preceding move. The currency pair rose from 1.18 to 1.1920 on Aug. 28 before forming a flag.

The breakout, therefore, indicates a continuation of the rally from lows near 1.18.

The pattern has created room for a rally to 1.20 (target as per the measured move method).

The immediate bias would turn bearish if the pair falls back below 1.19, invalidating the bull flag breakout and shifting the focus to the ascending 5-day simple moving average, currently at 1.1860.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1915
Today Daily Change	0.0011
Today Daily Change %	0.09
Today daily open	1.1904

Trends
Daily SMA20	1.1824
Daily SMA50	1.1582
Daily SMA100	1.1292
Daily SMA200	1.1164

Levels
Previous Daily High	1.192
Previous Daily Low	1.1811
Previous Weekly High	1.192
Previous Weekly Low	1.1762
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1878
Daily Fibonacci 61.8%	1.1853
Daily Pivot Point S1	1.1837
Daily Pivot Point S2	1.1769
Daily Pivot Point S3	1.1728
Daily Pivot Point R1	1.1945
Daily Pivot Point R2	1.1987
Daily Pivot Point R3	1.2054

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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