The pair has been declining since a “Double Top” pattern arrived at the last high. Despite of a support by the 34 Moving Average, it’s likely that the price is going to reach an area near the trend line and the 55 & 89 Moving Averages. If a pullback appears somewhere in here, then bulls will probably return to the market and try to achieve a resistance at 1.1245 – 1.1273.
As we can see on the one-hour chart, the market has faced a support at 1.1188, which led to the current correction. There’s a possible “Pennant”, so the price is likely going to break this pattern and reach a support at 1.1124. If we see a pullback afterwards, then the pair will probably start rising towards a resistance at 1.1237.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
