The market has faced a resistance at 1.1214, which led to form a “V-Top” pattern and declining afterwards. It’s likely that the downward movement will go on to a support at 1.1067. If we see a pullback from this level, the pair might start to rise towards a resistance area at 1.1245 – 1.1273.
There’s a “V-Bottom” on the one-hour chart. The price was rising afterwards and finally reached a resistance at 1.1192, which led to the current downward movement. It’s likely that bears will keep trying to achieve a support area at 1.1145 – 1.1032. If these levels stops the decline, then bulls are probably going to return to the game, so we should keep an eye on a resistance area between the levels 1.1245 – 1.1257.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
