The price faced a support at 1.0978, which led to form a “V-Bottom” pattern, so there’s a local upward correction in progress.
In this case, the market is likely going to reach a resistance at 1.1032 – 1.1045 in the short term.
If a pullback from this area happens, bears will have a chance to test the nearest support at 1.0951 – 1.0911.
We’ve got another “V-Bottom” pattern on the one-hour chart. Therefore, bulls are likely going to achieve the 55 Moving Average during the day. At the same time, if we see a pullback from this line, there’ll be an opportunity to have a decline towards a support at 1.1000 – 1.0984.
Origin: FX BAZOOKA
