The price faced a support at 1.2934, which led to the current local consolidation. Nevertheless, the pair is likely going to achieve the next support near the trend line, which could reverse the price movement into an upward direction.
If so, we should keep an eye on the closest resistance at 1.3056 – 1.3089 as an intraday target.
We’ve got a consolidation, which is taking place between the levels 1.2995 – 1.2934. Also, there’s a “Pennant” pattern, so the market is likely going to test the trend line. Considering a possible pullback, the 34 Moving Average will probably act as a resistance later on.
Origin: FX BAZOOKA
