The price found a support at 1.2386, so we’ve got a “Double Bottom”, which has been confirmed. Therefore, the market is likely going to test an area between the 34 Moving Average and the nearest resistance at 1.2509.
If a pullback from these levels happens, there’ll be an opportunity to have a decline towards a support at 1.2386 – 1.2347.
The price is consolidating near the Moving Averages. Also, there’s a “V-Top”, which pushed the market a little bit lower. Nevertheless, bulls are likely going to test the closest resistance at 1.2477 – 1.2506 during the day. If we see a pullback from this area, bears will have a chance to test a support at 1.2390 – 1.2382.
Origin: FX BAZOOKA
