There’s a consolidation, which is taking place between the 89 Moving Average and the nearest resistance at 1.1251.
So, the market is likely going to reach the next resistance at 1.1270 in the short term. If a pullback from this level happens, there’ll be an opportunity to have a decline towards a support at 1.1196 – 1.1181.
We’ve got a “Flag” on the one-hour chart, which lower side was broken yesterday. So, there’s a chance to see a local upward correction during the day. However, if a pullback from a resistance at 1.1259 – 1.1270 be on the table, then bears are likely going to achieve a support at 1.1181.
Origin: FX BAZOOKA
