The price faced a support on the 89 Moving Average, so we’ve got a “V-Bottom” here. Therefore, the market is likely going to reach the nearest support at 1.0719 – 1.0745 in the short term.
If a pullback from this level happens, there’ll be an opportunity to have another decline towards a support between the 89 MA and the level 1.0624.
We’ve got a “V-Bottom”, so the price is consolidating. In this case, we should keep an eye on the nearest resistance at 1.0739 – 1.0745 as a possible intraday target. However, if we have a pullback from this area, bears will probably try to achieve a support at 1.0678 – 1.0669 afterwards.
Origin: FX BAZOOKA