There’s a consolidation, which is taking place between the 89 Moving Average and the nearest resistance at 1.1270. Therefore, the market is likely going to get a support at 1.1220 – 1.1196 in the short term.
However, if a pullback from this area happens, there’ll be an opportunity to have a bullish movement towards a resistance at 1.1270 – 1.1282.
The price faced a resistance at 1.1270, which led to form a “V-Top” pattern, so bears are likely going to reach the 89 Moving Average shortly. At the same time, if we see a pullback from this line, bulls will probably try to achieve a resistance at 1.1270 – 1.1282.
Origin: FX BAZOOKA
