There’s a “V-Top” pattern, so the price is trading near the Moving Average lines. Therefore, it’s likely that the market is going to decline towards a support at 1.1083 – 1.1059 in the short term. If we see a pullback from this area, a correction price movement will be on the table, so we should keep an eye on the closest resistance at 1.1222 – 1.1235.
The price has faced a support on the 89 Moving Average, so we’ve got a local flat in progress. Under these circumstances, the pair is likely going to get a resistance on the 34 Moving Average during the day. However, if a pullback from this line happens afterwards, there’ll be an opportunity to have a decline towards a support at 1.1145 – 1.1032.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
