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EUR/USD - Anticipating a Breakout from the Flag Pattern

The 1H EUR/USD chart shows a pair that essentially formed a double bottom last week after establishing a fresh low on the year at 1.3333. 

This week starts with the pair falling back within a flag pattern. A flag pattern is usually seen as consolidation within a trend, so we can look for a breakout to the upside to suggest continuation of the bullish attempt last week from 1.3337 to about 1.3430.

(EUR/USD 1H Chart)
At the moment, respecting the 1.3380 area and the cluster of moving averages as support would suggest another bullish correction swing. But we can offer some elbow space. 

The next key support in the near-term will be around 1.3365, which will meet a rising trendline, and a support/resistance pivot. A break below this level will likely invalidate the double bottom, and push price toward the 1.3333 lows, with downside risk to the Nov. 2013-lows around 1.3295-1.33.
On the other hand, if price holds above these support factors, and breaks above 1.34, we are likely in another bullish correction swing. We should limit that bullish outlook to the 1.3475-1.35 area since the prevailing trend is still strong and intact, and this bullish outlook is only from the 1H chart.