The price has reached a support at 1.1032, which led to the current consolidation under the nearest resistance at 1.1097. Therefore, the market is likely going to achieve the next resistance at 1.1130 – 1.1168 in the short term. However, if a pullback from this area happens afterwards, bears will probably try to go on and catch a support at 1.1021 – 1.0970.
As we can see on the one-hour chart, the price has stopped near the lower side of the current “Support Zone” at 1.1032, which led to form a “Double Bottom” pattern. So, we’ve got a local flat under the 55 Moving Average. It’s likely that bulls are going to get a resistance somewhere between the levels 1.1130 – 1.1145 during the day. Considering a possible pullback from this area, the next stage of the massive bearish rally will be on the table very soon.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
