EUR/USD Range Defined

The 240 minute EUR/USD has been trading within a wide range as prices are bouncing off the 1.4280 area and hitting a ceiling between 1.4480 and 1.4500.  The range, coupled with the lack of trend (T), has formed a Continuation Channel Up pattern. It’s a shallow channel, certainly not a sharp uptrend.  In fact, some traders would consider this pattern to be a bear flag since the angle of the pattern is shallow and the pattern itself is short at just 20 candles in Length.  If the intrday resistance that has been established is able to hold, the pattern could break lower through the uptrend line support if the U.S. Dollar has another push higher.