We’ve got a “V-Bottom” pattern, so the price reached a resistance at 1.0588.
At the same time, the market is likely going to test the next resistance at 1.0619 in the short term.
If a pullback from this level happens, there’ll be an opportunity to have a decline towards a support at 1.0552 – 1.0506.
Bulls faced a resistance on the 89 Moving Average, so the price is consolidating. Also, there’s a possible “Pennant”, so the pair is likely going to achieve the nearest resistance at 1.0607 – 1.0619. However, if we see a pullback from these levels, bears will probably try to reach a support at 1.0560 – 1.0552.
Origin: FX BAZOOKA
