After depreciating steeply between 28 Dec 2023 and 3 January 2024, the EURUSD rebounded and has been consolidating in a rising channel. On the 4-hour chart, we observe a bear flag formation that is identified by a steep downward price movement followed by a rising channel.
Should prices rise to 1.1008 zone (R1), it would serve as an attractive entry for a short position to capture the large bearish continuation move of the bear flag.