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Eur/Usd trade setup

The pair is looking like a bear flag. The resistance is 1.4029 and the support is 1.3929. I am looking for the pair to challenge the resistance level and break to the downside. I will enter short after the pair tests the 1.4029 resistance level and bounces down. With a target of 1.3929 after that my target to the downside will be 1.3884

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The chart pattern is telling me that the pair is a bear flag and the fundamentals are saying risk aversion is making the Dollar strong right now. There is an excellent article at Forex TV Blog about the fundamentals. So that is the reason for my views, however this is trading so I will not be entering any positions until the market gives me the signals.

If the pair goes past the resistance levels that changes everything and I will re-evaluate at that point.

Follow your rules and trading plan, don't forget sound money management principles.


4 hr Chart Eur/Usd(click to view Chart)