The 55 Moving Average acted as a resistance, so the price reached the 34 Moving Average, which led to the current consolidation.
In this case, the price is likely going to get a support at 1.0933.
If a pullback from this level happens, there’ll be an opportunity to have an upward correction.
We’ve got a “Double Top”, which formed under a resistance at 1.0985. Therefore, the market is likely going to reach a support at 1.0933 in the short term. At the same time, bulls could deliver a correction afterwards.
Origin: FX BAZOOKA
