USD energy Accelerates after finishing bearish flag in EUR/USD | Do not Ignore This Chart!


KEY

TAKEAWAYS

  • EUR/USD executes bearish flag formation
  • Leaves rising pattern channel by breaking rising help line consequently

After a rally from $1.045 to a excessive of $1.1140 from October to December 2023, the EUR/USD alternate fee has now executed a bearish flag formation which resulted in an acceleration of the decline (energy for USD).

Because of this, the forex pair has now additionally damaged beneath trendline help, including to and confirming the bearish outlook for the subsequent few weeks.

Based mostly on the flag formation, a value goal between $1.0650 and $1.0700 will be calculated. That space coincides with the horizontal (green-shaded) help space that has provided help and resistance over the past 8-9 months.

Upside potential for EUR/USD is now restricted as the previous help line and the bottom level of the flag are anticipated to start out appearing as resistance overhead.

Julius de Kempenaer
Senior Technical Analyst, StockCharts.com
CreatorRelative Rotation Graphs
FounderRRG Analysis
Host ofSector Highlight

Please discover my handles for social media channels below the Bio beneath.

Suggestions, feedback or questions are welcome at Juliusdk@stockcharts.com. I can not promise to reply to each message, however I’ll actually learn them and, the place fairly potential, use the suggestions and feedback or reply questions.

To debate RRG with me on S.C.A.N., tag me utilizing the deal with Julius_RRG.

RRG, Relative Rotation Graphs, JdK RS-Ratio, and JdK RS-Momentum are registered logos of RRG Analysis.

Julius de Kempenaer

Concerning the creator:
is the creator of Relative Rotation Graphs™. This distinctive technique to visualise relative energy inside a universe of securities was first launched on Bloomberg skilled providers terminals in January of 2011 and was launched on StockCharts.com in July of 2014.

After graduating from the Dutch Royal Navy Academy, Julius served within the Dutch Air Pressure in a number of officer ranks. He retired from the navy as a captain in 1990 to enter the monetary business as a portfolio supervisor for Fairness & Regulation (now a part of AXA Funding Managers).
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