Euro drops to breakout level of 1hr pennant on Merkel immigration concerns: Mr. Seehoffer resigns

Posted by Bruce Levy on

The Euro 1hr chart has put in a bull pennant continuation pattern on Friday.

Currently it has broken out to the upside and is in the throwback phase. Typically, volume should decline, a rounding bottom should emerge, and price should continue to make new highs if this pattern is to succeed.

 A break of the 50% level of the pennant is a bearish indicator of a failed pattern.

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