There’s a “Triple Top” pattern, which led to the current downward movement. The price faced a support at 1.1242, so we’ve got a local correction. Considering a possible “Flag”, the market is likely going to reach a support at 1.1217 – 1.1188. If we see a pullback somewhere in here, it’ll be a chance for bulls to achieve a resistance area between the 89 Moving Average and the level at 1.1273.
The pair found a resistance on the 55 Moving Average, which brought a consolidation into the market. There’s a possible “Triple Top” in progress. If it confirms, the main goal is going to be a support at 1.1242 – 1.1222. At the same time, an upward correction will be possible afterwards, so we should bearing in mind a resistance at 1.1259 – 1.1284.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
