FX.co ★ Is EURUSD forming a bull flag pattern?

EURUSD is mostly moving sideways the last couple of sessions after making a high around 1.1484. EURUSD could very well be forming a bullish flag pattern which implies that more upside should be expected over the next few sessions.

EURUSD has so far retraced only 23.6% of the entire upward movement. This shallow pull back is a sign of strength or a sign that bears are weak. If this bullish pattern is confirmed, then we should see over the next few days a break above 1.1484 and a move towards 1.1620 which is the first target level. Support is at 1.1390 and as long as price is above it, we continue to consider that price is still forming the flag. break above 1.1450 will be a flag break out signal. 2nd target would be around 1.1755. Concluding, EURUSD shows promising price action. Bulls remain in control of the short-term trend.