The pair is trading in a flat range along the Moving Averages. In this case, the price is likely going to rise towards the nearest resistance at 1.2511 – 1.2556.
Meanwhile, if bulls be stopped here, there’ll be an option to have another decline in the direction of the closest support at 1.2352 – 1.2309.
We’ve got a “Double Bottom”, which led to the last upward movement, so the price reached a resistance at 1.2476. If we see any bullish pattern in the few hours, the pair is likely going to test the next resistance at 1.2486 – 1.2507. However, if a pullback from this area happens, bears will probably try to test a support at 1.2376 – 1.2351.
Origin: FX BAZOOKA
