Bulls faced a resistance at 1.1122, so we’ve got the current consolidation.
Therefore, the market is likely going to decline towards the 89 Moving Average.
However, we’ve got a “Double Bottom” pattern here, so there’s an opportunity to have a bullish price movement afterwards.
The price is consolidating between the nearest support at 1.1122 and the 34 Moving Average. Also, we’ve got a “Flag”, so the pair is likely going to test a resistance at 1.1122 once again. If a pullback from this level happens, bears will probably try to achieve the nearest support at 1.1069 – 1.1057.
Origin: FX BAZOOKA
