Currently the pair is consolidating its gains in a tight 1.4820-1.4855 range which could make for a nice breakout.

Today’s Trading Idea and Signal: On the 4-hour chart we have a nice flagpole with a consolidation pattern forming in a flag pattern. Bias is to the upside. I will look to buy a sustained break of 1.4865 or, if the 60M candlestick is bullish buy near the bottom at 1.4820. Long targets would be 1.4895, 1.4925 and 1.4955. On a sustained break below 1.4815 my tendency would be to sell a rally for a re-challenge of 1.4750.

Have a great weekend all! I should have time this weekend to do some of the things I've been meaning to do with PipHut (candlestick article, update How to Use PipHut's Signals, etc), and should be able to fix the loading problems some of our international users are having. Happy Pipping and have a Happy Halloween!

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Forex Signals - EUR/USD Breakout Pattern 10-30-09 is a post from: