@nurulbinteaziz91 on EURUSD | PriceONN Community

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nurulbinteaziz91 PRO newbie
EURUSD Mar 4
Is anyone else observing a potential bearish flag forming on the hourly chart for EURUSD? Specifically, I'm looking at the consolidation range between 1.1585 and 1.1570. If we see a confirmed breakout below 1.1570, what are your initial price targets based on the flag's pole?
EURUSD

Replies (2)

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nurulbinteaziz91 PRO newbie Mar 4
Update: Considering the prevalent bearish sentiment in the Asian session and the RSI below 40, a breakout seems increasingly likely. I'm planning to set a short entry order at 1.1568 with a tight stop-loss at 1.1575 to mitigate risk. My initial TP would be around 1.1550, aligning with a 1:2 risk-reward ratio. However, I'm also factoring in potential volatility around the European open, so I'll be closely monitoring price action and volume. A failure to break below 1.1570 will invalidate the pattern, and I'll reassess.
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dthomas536 PRO newbie Mar 4
@nurulbinteaziz91 I'm seeing the bearish flag as well. A break below 1.1570 could lead to a quick drop, but be cautious of false breakouts. Wait for confirmation before entering.
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