Post Fed offers around USD pushed EUR/USD well above 1.10 handle, but the momentum ran out of steam near 200-DMA level of 1.1075, leaving the spot in a flag and pole formation on the hourly chart.
At 1.1065, the currency pair is flirting with flag support, while flag resistance is seen at 1.1082
Bullish break would suggest a sharp recovery from 1.0960 (post Fed low) has resumed and could yield a test if 1.11-1.1130 levels.
On the other hand, a bearish break would not only market rejection at daily 200-Ma, but also shift risk in favor of a drop to 1.10960 levels (previous day’s low).
At 1.1065, the currency pair is flirting with flag support, while flag resistance is seen at 1.1082
Bullish break would suggest a sharp recovery from 1.0960 (post Fed low) has resumed and could yield a test if 1.11-1.1130 levels.
On the other hand, a bearish break would not only market rejection at daily 200-Ma, but also shift risk in favor of a drop to 1.10960 levels (previous day’s low).
