CHART ART: EUR/USD Bull Flag Breaking Out?

GOOD EVENING STEEMIT!

With crypto markets all bleeding through our screens, it’s time to jump ship and get back into the forex realm today, with a look at the major of majors. Yes that’s right, our old friend EUR/USD!

Do you remember we had been watching EUR/USD price break out of a huge range top? Click the link and give yourself a bit of a refresher because the level is pretty damn significant and leads perfectly into the setup that I wanted to highlight tonight.

With price having gone through that higher time frame, range top resistance, the higher time frame chart is now showing price pulling back to retest the breakout zone this time possibly as support. What it is also doing, is forming a pretty juicy bull flag:

EUR/USD 4 Hourly

A bull flag that has found support at a level of confluence between the range top and the bottom of the flag channel, bounced and then broken up again.

Price has now pulled back again and this is where it gets juicy for the day traders when we zoom in another level:

EUR/USD 15 Minute

If you believe that this is in fact a bull flag and price is headed higher, the 15 minute chart shows this beautiful little intraday retest of previous short term resistance that we’ll look to turn into support and manage our risk around.

Well this is my setup so let's hit and see where it takes us. The risk adverse will wait until it bounces intraday and heads back above the purple zone, or the aggressive traders will smash it now.

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Please leave me a comment and let me know if you're trading the setup or fading me. I'd love to get more eyes on the setup and hear all points of view.

Peace.

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Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.

CHART ART: EUR/USD RIPPING FACES OFF SHORTS
CHART ART: EUR/USD Range Top Resistance Level

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Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.

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