EURUSD – Daily Forex Technicals by ForexHound.com July 11th

EURUSD has reached once again a significant resistance level at 1.58, the pair has also formed a bearish flag formation after the drop from 1.59 we witnessed last week; a confirmation of this patter will open up the 1.54 area as a projected bearish target. The conservative approach is to wait for the price action to move below the lower trendline but an aggressive trader could open a position around current level with a stop placed above the 1.58 level, paying close attention to potential spikes. EURUSD has reached once again a significant resistance level at 1.58, the pair has also formed a bearish flag formation after the drop from 1.59 we witnessed last week; a confirmation of this patter will open up the 1.54 area as a projected bearish target. The conservative approach is to wait for the price action to move below the lower trendline but an aggressive trader could open a position around current level with a stop placed above the 1.58 level, paying close attention to potential spikes.

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