EUR/USD Technical Analysis: On the defensive with a bear flag on 4H chart

EUR/USD's bounce from Thursday's low of 1.1226 has ended up creating a bear flag pattern on the 4-hour chart.
A break below the lower edge of the flag, currently at 1.1243, would open up downside toward 1.1145 (target as per the measured move method).
The EUR/USD pair is currently trading at 1.1250, representing a 0.10 percent drop on the day, having gained 0.10 percent and 0.15 percent in the previous two trading days.
Both the US retail sales for March and the weekly jobless claims released last week suggested the world's biggest economy did well in the first three months of 2019 than previously thought. As a result, the markets may put a bid under the greenback later today, yielding a flag breakdown on EUR/USD.

Omkar Godbole FXStreet Contributor

4-hour chart

Trend: Bearish below 1.1243

EUR/USD

Overview
Today last price	1.125
Today Daily Change	-0.0007
Today Daily Change %	-0.06
Today daily open	1.1257

Trends
Daily SMA20	1.125
Daily SMA50	1.1294
Daily SMA100	1.1346
Daily SMA200	1.1436

Levels
Previous Daily High	1.1264
Previous Daily Low	1.1236
Previous Weekly High	1.1324
Previous Weekly Low	1.1224
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1253
Daily Fibonacci 61.8%	1.1247
Daily Pivot Point S1	1.124
Daily Pivot Point S2	1.1223
Daily Pivot Point S3	1.1211
Daily Pivot Point R1	1.1269
Daily Pivot Point R2	1.1281
Daily Pivot Point R3	1.1298

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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