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3 Jul 2020
EUR/USD Price Analysis: Bear flag breakdown on 15-min chart
- EUR/USD's 15-min chart shows a bear flag breakdown.
- The pair risks falling to levels under 1.12.
EUR/USD looks south with the 15-minute chart reporting a bear flag breakdown.
That bearish continuation pattern has opened the doors for a drop to 1.1164 (target as per the measured move method). On the way lower, the psychological level of 1.12 may offer support. The flag breakdown would fail if the pair finds acceptance above 1.1242.
That said, the immediate bias would turn bullish only above 1.13, a level which proved a tough nut to crack on Thursday. A move above 1.13 would also confirm a descending triangle breakout on the 4-hour chart and expose the June high of 1.1422.
At press time, EUR/USD is trading largely unchanged on the day at 1.1235, having put in a high of 1.1242 early Friday.
15-min chart
Trend: Bearish