There’s a “Double Bottom” pattern, which has been confirmed. Also, the price went through the upper side of local downward trend and finally found a resistance at 1.0957. It’s likely that the pair will go higher towards a lower side of resistance area at 1.1031 – 1.1145. However, the price might go to a bearish correction afterwards to a support area 1.0957 – 1.0922.
As we can see on the one-hour chart, the local downward trend has been broken. The market has been consolidating since a pullback from the resistance level 1.0986 was formed. There’s a possible “Flag” in progress, so it’s likely that we’re going to see the pair higher. If bulls face a resistance at 1.1011, the pair might start a correction to a support area between the 89 Moving Average line and the level 1.0922.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
