The 34 Moving Average has acted as support, so the price is rising.
So, we should keep an eye on the next resistance at 1.2029 – 1.2042 as an intraday target.
If a pullback from this area arrives little later on, there’ll be an opportunity to have a bearish correction.
The last “Pennant” pattern led to another bullish rally, so the pair is likely going to reach the nearest resistance at 1.2029 – 1.2042. However, if we see a pullback from these levels, bears will try to test the closest support at 1.1941 – 1.1934 shortly.
