@andrew4486 on EURUSD | PriceONN Community
EURUSD looks like it's forming a bearish flag on the H4 chart. Waiting for confirmation with a break below 1.1760. Could see a test of S2 pivot around 1.1750 if that happens.
Replies
@andrew4486 I'm seeing that bearish flag too. A break below 1.1750 would be pretty convincing. Might set up a short with a tight SL just above the flag.
M
@andrew4486, I agree with your observation about the potential bearish flag formation on the H4 chart. However, I'm a bit cautious about entering a short position solely based on this pattern. The RSI is still hovering around 40, indicating neutral momentum. I'd prefer to see a clearer breakdown below the 1.1570 level, perhaps with increased volume, to confirm the bearish bias. Also, I think your target of 1.1750 seems a little off. I think you mean 1.1550? The S2 pivot is around 1.15479.