EUR/USD Bullish Flag Pattern
PipHut | Mar 08, 2013 04:18AM ET
No EU trades triggered yesterday to report on. The ECB meeting was largely anti-clamatic, a positive thing for the Euro, as the central bank kept interest rates untouched, downplayed Italian fears and lowered growth/inflation forecasts. With inflation lower than expected it does make a rate cut more likely next time around.
The markets rewarded the euro and produced bullish flag pattern on the 4h charts (for us technical traders), and we will look to get long on a resistance break with a TP of 80 and a SL of 50.
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Trading Idea: The pair is forming a nice bullish flag pattern on the 4h charts and we will look to take advantage by getting long on a resistance break with a TP of 80 and a SL of 50.
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