EUR\USD Is Bullish: Megaphone Pullback, Flag Continuation

EUR\USD Analysis
At this chart we can see two chart patterns that support the long bias beyond any doubt. First is the Megaphone which broke up with great strength and velocity. Aggressive traders who were looking for a bounce on the Megaphone's Support trendline could have closed big profits on this trade.

Price is currently performing a pullback on the Resistance trendline of the Megaphone, thus indicating a possible movement up. Another chart pattern encourages this view: Flag. A Flag is a continuation pattern that indicates continuation of previous trend. It usually happens in a Retracement after a strong trend, in which price is halting its advancement for a short time, allowing new traders to join and push to new highs. We would expect a breakout of the flag in upwards direction and continuation of the uptrend in EUR\USD. A good place to join the trade would be the 23.6 or 38.2 Retracement of the previous trend.