There’s an upward movement on the four-hour chart. Previously, the local downward trend has been broken. The price found a resistance at the level 1.1011 and the 55 & 89 Moving Average lines. It’s likely that the bearish correction will go on towards a support at 1.0957, but then bulls might show their power once again and try to reach a support area at 1.1032 – 1.1145.
We’ve got a “Triple Bottom” pattern on the one-hour chart, which led to a consolidation under the level 1.1011. Probably, the price is going to decline towards a support at 1.0957. However, it’s likely that an upward movement will start afterwards to a resistence area between the levels 1.1067 – 1.1113.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
