The price faced a support at 1.2934, which led to form a “Triple Bottom” pattern, so the price is rising. It’s likely that bulls are going to move on, so we should keep an eye on a resistance at 1.3089 – 1.3115 as a possible intraday target.
If a pullback from this area happens, there’ll be a chance to have a decline towards a support at 1.3022.
As we can see on the one-hour chart, there’s a “Pennant” pattern, so the pair is likely going to get a resistance on the 89 Moving Average during the day. At the same time, if a pullback from this line be on the table, then bears will probably try to set up a downward correction.
Origin: FX BAZOOKA
