EUR/USD technical analysis: Trapped in a bull flag on 4H chart

EUR has charted a bull flag pattern on the 4-hour chart.
A breakout would open the doors for 1.1320.

Omkar Godbole FXStreet Contributor

EUR/USD's pullback from Oct.21's high of 1.1179 to 1.1106 has taken the shape of a bull flag on the 4-hour chart.

A bull flag represents a pause which usually refreshes higher.

A 4-hour close above 1.1134 would confirm a flag breakout and open up upside toward 1.1320 (target as per the measured move method).

The bullish case would weaken if the spot drops below the ascending 50-candle moving average (MA), which has acted as strong support Oct. 2.

As of writing, the pair is largely trading unchanged on the day at 1.1130.

4-hour chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1130
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.1131

Trends
Daily SMA20	1.102
Daily SMA50	1.1036
Daily SMA100	1.1136
Daily SMA200	1.1207

Levels
Previous Daily High	1.1141
Previous Daily Low	1.1106
Previous Weekly High	1.1063
Previous Weekly Low	1.0941
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.1127
Daily Fibonacci 61.8%	1.1119
Daily Pivot Point S1	1.1111
Daily Pivot Point S2	1.1091
Daily Pivot Point S3	1.1076
Daily Pivot Point R1	1.1145
Daily Pivot Point R2	1.116
Daily Pivot Point R3	1.118

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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