The price has found a support at 1.1124, which brought a “Double Bottom” pattern. Therefore, the market is likely going to reach a resistance at 1.1217, which is near the downtrend line. If a pullback from this level happens, a downward movement towards the nearest support area at 1.1124 becomes possible.
We’ve got a “Double Bottom” pattern, which has been confirmed. Despite of a resistance by the 55 Moving Average, the market is likely going to achieve the next resistance on the 89 Moving Average. However, bears will probably try to reach a support at 1.1085 afterwards.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
