We’ve got a “Bear’s Trap” under the previously broken “Triangle”, so the price faced a resistance at 1.1196 afterwards. In this case, bulls are likely going to reach the 89 Moving Average in the short term.
If we see a pullback from this line, there’ll be an opportunity to have a decline towards a support at 1.1165 – 1.1145.
There’s a consolidation, which is taking place between the nearest resistance at 1.1204 and the 55 Moving Average. So, the price is likely going to achieve a resistance at 1.1219 – 1.1232 during the day. However, if a pullback from this area happens, bears will probably try to catch a support at 1.1168 – 1.1152.
Origin: FX BAZOOKA
