We’ve got a consolidation, which is taking place under a resistance at 1.2677.
Therefore, the market is likely going to decline towards the 55 Moving Average in the short term.
If we see a pullback from this line, there’ll be a chance to have an upward correction. In this case, we should keep an eye on a resistance at 1.2621 – 1.2677 as a possible bullish target.
The last uptrend has been broken. The price faced a support at 1.2351 afterwards, which led to the current consolidation. So, bears are likely going to reach the next support at 1.2399 – 1.2351 shortly. At the same time, there’s an opportunity to have a bullish correction afterwards.
Origin: FX BAZOOKA
