We’ve got a “Double Top” pattern, which has been confirmed enough, so the price reached a support at 1.2954.
Also, bears have delivered a new low. Under this circumstances, sellers are likely going to move on, so we should keep an eye on the next support at 1.2877 – 1.2849 as a possible bearish target. At the same time, if a pullback from this area arrives, there’ll be a chance to see a local upward correction.
There’s a consolidation in progress, so we’ve got a possible “Pennant” pattern on the one-hour chart. Therefore, bears are likely going to achieve a support at 1.2906 – 1.2875 soon. Nevertheless, if sellers be stopped on this area, bulls will have an opportunity to reach a resistance at 1.3017 – 1.3056.
Origin: FX BAZOOKA
