The pair has been moving up and down in the flat’s range. Currently, bulls faced a resistance at 1.1168, which was strengthened by the 89 Moving Average. So, the market is likely going to decline towards a support at 1.1145 – 1.1032. If a pullback from this area happens afterwards, there’ll be an opportunity to see an upward movement in the direction of the nearest resistance at 1.1168 – 1.1188.
The price found a resistance at 1.1168, which led to form a “V-Top” pattern, so we’ve got a local consolidation in progress. Therefore, bears are likely going to get a support on the 55 Moving Average. However, if we see a pullback from this line, bulls will probably try to catch a resistance at 1.1168.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
