The trend on the EUR/USD pair remains bullish, but we’ve got a downward correction.
The price has reached a support at 1.0936 and formed a “V – Bottom” pattern at the last low afterwards, which was a start for the local upward correction. It’s likely to see a rise to a resistance area between the levels 1.1032 – 1.1145, but then there’s a possibility that the downward movement will go on toward a support area near the up trend line.
EUR/USD: technical analysis
There’s a “V – Bottom” pattern on the one-hour chart. The market is consolidating under a resistance by the Moving Average line. Also, the local downward trend was broken and here’s a bullish “Flag” pattern in progress. It’s likely that the current consolidation finally will be ended between the levels 1.1066 – 1.1085 in a resistance area. The price might start falling down afterwards to a support area between the level 1.1011 and the 34 Moving Average line.
Origin: FX BAZOOKA
