EUR/USD: "Flag" boosts bearish positions
The price has been falling down since a “V-Top” arrived at the last high. Yesterday a “Flag” was formed, which led to the next stage of the current rally. Despite of a support at 1.1217, the market is likely going to reach the next support at 1.1167. If a pullback from this level happens, bulls will probably try to reach the channel’s upper side.
We’ve got two “Flags” in a row on the one-hour chart. Therefore, the price is likely going to move on towards a support at 1.1167. If bears be stopped here, a bullish correction becomes possible.