Since October 27, EUR/USD currency pair has been trending down inside a bearish channel marked on the chart.
In the past few days EUR/USD had been moving sideways inside a consolidation zone 1.3275-1.3400.
On Wednesday, we had a breakout to the upside also breaking the marked bullish channel extending since October 27.
The pair didn't re-test the broken consolidation zone or the backside of the broken channel yet. Instead, it's showing a consolidation zone between 1.3416-1.3530 which may constitute a FLAG continuation pattern.
Yesterday's low at 1.3416 should be watched for a possible retest which may give a good LONG entry.
The most prominent resistance levels are: 1.3530, 1.3600 then 1.3800.
The most prominent support levels are: 1.3380, 1.3280 then 1.3215.
Based on the previous analysis:
There's a long opportunity EITHER at retesting of support level 1.3380 with SL placed below 1.3260.
OR After we have bullish breakout of the current congestion zone above 1.3535 with SL placed slightly below 1.3400.
TP should be at 1.3440. 1.3500, 1.3570, 1.3600 then 1.3670.
