The main trend is still bearish, but the price is likely going to test the nearest resistance between the levels 1.2270 – 1.2309.
If we see a pullback from this area, bears will probably try to test the closest support at 1.2198 – 1.2170.
The price faced a resistance at 1.2269, so we’ve got a “V-Top” pattern, which led to a consolidation between a resistance at 1.2219 and a support at 1.2170. Nevertheless, bulls are likely going to test the nest resistance at 1.2309, which is strengthened by the local downtrend. If a pullback from this level happens, there’ll be an opportunity to have a decline in the direction of a support at 1.2198 – 1.2170.
Origin: FX BAZOOKA
