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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: new local high is coming soon because of the "Flag"

EUR/USD: new local high is coming soon because of the "Flag"

There’s a “Double Bottom”, which led to the current upward price movement. Also, we’ve got a “Triangle”, so the market is likely going to move up in the direction of the 55 Moving Average. If we see a pullback from this line afterwards, bears will probably try to get a support at 1.1015 – 1.1001.

EUR/USD: new local high is coming soon because of the "Flag"

As we can see on the one-hour chart, there’s a flat in progress between a resistance by the Moving Average lines and a support by the level at 1.1057. At the same time, we’ve got a “Flag”, so the pair is likely going to reach the closest resistance area, which is near the local downtrend. However, if bulls be stopped here, there’ll be an opportunity to see a decline towards a support at 1.1024 – 1.1014.

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