The 34 Moving Average has acted as resistance, so the price is consolidating. Meanwhile, the market is likely going to reach the next resistance at 1.1668 – 1.1695. If a pullback from these levels happens, we could have another decline towards the closest support at 1.1615 – 1.1582.
There’s a “Pennant” pattern, so bulls are likely going to test the nearest resistance at 1.1668 – 1.1689 during the day. However, if a pullback from these levels happens, there’ll be an opportunity to have a bearish price movement in the direction of another support at 1.1615 – 1.1601.
EUR/USD H4
EUR/USD H1
