The price has formed a “V-Bottom” pattern, which led to the last bullish movement. Finally, the pair reached a resistance at 1.1341, so we’ve got a “V-Top” at the local high. There’s a possible downward “Wedge” in progress, but it hasn’t been confirmed yet. Therefore, the market is likely going to achieve a support at 1.1217 – 1.1195. If we see a pullback from these levels, bulls will probably try to catch a resistance at 1.1269 – 1.1294.
The market was falling down since a “V-Top” was formed at the last high. There’re the Moving Average lines, which all are acted as a support. The pair is likely going to reach a support at 1.1284 – 1.1269. Considering a possible pullback from this area, we should keep an eye on a resistance at 1.1309 as the next bullish target.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
