The price faced a resistance on the trend line, so we’ve got a “V-Top” pattern. Therefore, the market is likely going to reach a support at 1.1212 in the short term.
If we see a pullback from this level, there’ll be an opportunity to have an upward movement in the direction of the nearest resistance at 1.1282 – 1.1324.
We’ve got a “Double Top” pattern, which has been confirmed. So, the price got a support at 1.1241, which led to the current local correction. In this case, it’s likely that the pair is going to achieve a resistance at 1.1260 during the day. However, if a pullback from this level happens, bears will probably try to test a support at 1.1225 – 1.1213.
Origin: FX BAZOOKA
