Bulls found a resistance at 1.2418, which is straightened by the 89 Moving Average. Also, there’s a “Double Top”, so the price is likely going to reach the 34 Moving Average in the short term.
At the same time, if a pullback from this line happens, there’ll be an option to have another upward movement.
The last downtrend has been broken, so the price was rising. However, there’s a “Double Top” pattern, which has been confirmed. So, bears are likely going to test the nearest support at 1.2334 – 1.2323, which could be a departure point for a bullish price movement. In this case, we could have a new high soon.
Origin: FX BAZOOKA
