Bears faced a support at 1.0588, so we’ve got a “V-Bottom”, which pushed the price to a resistance at 1.0619. Therefore, the market is likely going to test the next resistance at 1.0655.
If a pullback from this level happens, there’ll be an opportunity to have a decline towards a support at 1.0588 – 1.0578.
The price is consolidating along the nearest support at 1.0588. In this case, the pair is likely going to reach the nearest resistance at 1.0619 during the day. However, if we see a pullback from this level, bears will probably try to achieve a support at 1.0588 – 1.0578.
Origin: FX BAZOOKA
