The pair faced a support at 1.2250 twice, so we’ve got a possible “Double Bottom” pattern. In this case, there’s an opportunity to have a bullish correction towards an area between the 89 Moving Average and the closest resistance at 1.2418.
If a pullback from these levels happens, we should keep an eye on a support at 1.2309 – 1.2270 as an intraday target.
There’s a “Double Bottom”, which has been confirmed enough, so bulls are pushing the market higher. Also, we’ve got a “Pennant” here. Therefore, the price is likely to continue moving up towards a resistance at 1.2359 – 1.2386. If we see a pullback from this area, bears will probably try to deliver a downward correction in the direction of the nearest support at 1.2323 – 1.2309.
Origin: FX BAZOOKA
