There’s a possible “Rectangle”, so the current consolidation is likely going to be continued.
In this case, the next intraday target is a resistance at 1.2330.
If we see a pullback from this level, bears will have a chance to test the nearest support at 1.2089.
We’ve got a “Double Bottom”, which led to a consolidation under the Moving Averages. Under this circumstances, the pair is likely going to decline towards a support at 1.2170 – 1.2148. However, if we have a pullback from these levels, there’ll be an option to see a bullish correction.
Origin: FX BAZOOKA
