Yesterday the price was moving up and down in a range between the 89 Moving Average and one of the strongest resistances on the chart at 1.1412. The market is likely going to get a resistance at 1.1326 – 1.1341 in the short term. If so, it’ll be an open door for a decline towards a support at 1.1284 – 1.1259.
We’ve got a “V-Top” pattern, which led to the current downward movement. The price found a support at 1.1259, so there’s a local upward correction in progress. Therefore, bulls are probably going to taste a resistance at 1.1326 – 1.1341. If we see a pullback from this area, bears will have a chance to return to the market.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
