Monday - Feb, 9 2009 7:30 Est
The Euro had strong gains verses the dollar in today's trading and closed above key resistance levels. The pair is forming a bull flag pattern and could be ready to break out to the upside. The key support level is 1.2871 if the price bounces off of that level that could be an excellent opportunity to go long. The key resistance level is 1.2994 and 1.3094 .618 fib level. The 1.3094 is an important resistance if the price pushes through that we could see higher gains for the euro.

Thank you for reading!

Please leave a comment below if you have any questions about Bull Flag Forming!

Also, please give this strategy a 5 star if you enjoyed it!

[ratings]

With over 50+ years of combined trading experience, Trading Strategy Guides offers trading guides and resources to educate traders in all walks of life and motivations. We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more. We provide content for over 100,000+ active followers and over 2,500+ members. Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow.