EUR/USD: Will We See a Breakout of the Flag Pattern?

EUR/USD technical outlook: Weekly

On the weekly chart, we see a breakout of the uptrend and a flag pattern, which, if broken, could signal the start of a new upward trend.

EUR/USD technical outlook: Daily

• Uptrend and flag formation
• 65/200 MA: The 65 MA is above the 200 MA, maintaining the positive trend, with the price currently above the 65-period moving average.
• Fibonacci: A retracement to 23.6%, after which the price has bounced back upward

EUR/USD technical outlook: 4h

On the short-term chart, we see that the price is moving sideways, currently positioned in the upper part of the range. The DeMarker indicator is in the overbought zone, which could accelerate a short-term upward movement and lead to an attempt to break the horizontal resistance.

Banks’ Expectations:

MKTP:

Conclusion:
At the moment, there are no clear enough signals for positioning that would provide a good risk/reward ratio. However, if the price manages to break the flag pattern, we can expect a retest, during which we can look for good levels to enter long positions.