We’ve got a “V-Top” pattern, which led to the bearish rally. However, bears faced a support at 1.0777, so there’s a local correction on the way. Considering a “Flag” pattern, the market is likely going to decline towards a support at 1.0744 – 1.0710.
At the same time, there’s an opportunity to have an upward movement in the direction of a resistance at 1.0821 – 1.0850 afterwards.
The price found a support at 1.0777, so the pair is consolidating. Meanwhile, there’s a “Pennant” pattern, so bears are likely going to test a support at 1.0744 – 1.0710 shortly. If a pullback from this levels happens, there’ll be a chance to see another bullish correction.
Origin: FX BAZOOKA
