Asset Classes

Free investment financial education

Language

Multilingual content from IBKR

Close Navigation
Learn more about IBKR accounts
EURUSD Weekly Chart Bull Flag Consolidation Near Complete

EURUSD Weekly Chart Bull Flag Consolidation Near Complete

Posted March 30, 2023 at 12:26 am
Darren Chu
Tradable Patterns

EURUSD Weekly Chart Bull Flag Consolidation Near Complete

The EURUSD is in the late stages of a Bull Flag consolidation (on the weekly chart) after forming a fresh March high last week.  Odds are elevated for an extension of the upchannel (on the weekly chart) to a fresh 2023 high and the psychologically key 1.10 whole figure level by early April.  Keeping any pullbacks in the next week shallow will be the progress the EURUSD has made in trying to halt a major downchannel that began 2008.  A bullish catalyst may arrive as early as today at 830am EST with the US GDP and unemployment claims and Friday with the US core PCE price index.  Congratulations to paying subscribers who benefited from the Oct 25, 2022 analysis suggesting early signs of a major bottom forming.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPUSD, NATURAL GAS

Source: Interactive Brokers TWS

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.