The price faced a support at 1.0340, so we’ve got a “Thorn” pattern, which led to the current upward correction. So, the market is likely going to reach the nearest resistance at 1.0506 – 1.0552 in the short term.
If a pullback from this level happens, there’ll be an opportunity to have another decline towards the next support at 1.0419 – 1.0340.
We’ve got a consolidation, which is taking place under a resistance at 1.0461. Also, there’s a “V-Bottom”, so bulls are likely going to get a resistance at 1.0506. Considering a possible pullback from this level, bears will probably try to achieve a support at 1.0365 – 1.0340 later on.
Origin: FX BAZOOKA
