There’s a “V-Bottom” pattern, so the price is consolidating. It’s likely that bulls are going to reach the nearest resistance at 1.1668 – 1.1695 in the short term. If a pullback from this area happens, there’ll be an opportunity to have a decline towards the next support at 1.1560 – 1.1533.
The price is consolidating under the 34 Moving Average, so bears are likely going to test the next support at 1.1615 – 1.1601 during the day. Meanwhile, if we see a pullback from these levels, there’ll be an option to have an upward price movement in the direction of the 55 Moving Average.
EUR/USD H4
EUR/USD H1
