The downtrend has been broken, but the price reached a resistance at 1.2621. Also, we’ve got a “V-Top”, which led to a local decline.
So, bears are likely going to reach a support at 1.2330.
If we see a pullback from this level, there’ll be an opportunity to have another test of the nearest resistance at 1.2621.
There’re a “V-Top” pattern and a “Breakaway Gap”, so the market is likely going to decline towards a support at 1.2399 – 1.2371. If bears be stopped here, bulls will probably try to achieve a resistance at 1.2493.
Origin: FX BAZOOKA
