The pair has found a support at 1.1233, which led to form a local “V-Bottom” pattern, so the price got a resistance by the 89 Moving Average afterwards. The market is likely going to deliver a new intraday high and then start a movement towards a support at 1.1195 – 1.1166. If bears be stopped somewhere in this area, there’ll be bulls’ turn to play, so we should keep an eye on one of the important resistances at 1.1217 – 1.1233.
The price has been rising since a “V-Bottom” was formed at the local low. A few hours later, the pair faced a resistance at the 34 Moving Average, which brought a possible “Flag” pattern. Therefore, the market is likely going to achieve the 55 Moving Average. If a pullback from this line happens, it’ll be a chance to see a new bearish rally towards the last low.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
