There’s an upward correction, which is taking place on the four-hours chart. Bulls have broken the downtrend, so the price is consolidating. Therefore, the market is likely going to decline towards a support at 1.0552 – 1.0524 in the short term.
If a pullback from this area happens, there’ll be an opportunity to have another bullish movement, so we should keep an eye on the next resistance at 1.0655 as a possible intraday target.
The price faced a resistance at 1.0629, so we’ve got a “Double Top” pattern, which has been confirmed by the last “Flag”. In this case, bears are likely going to test a support at 1.0552 – 1.0524 during the day. Considering a possible pullback from these levels, bulls will probably try to test a resistance at 1.0590 – 1.0655 afterwards.
Origin: FX BAZOOKA
