EUR/USD Forecast: “Thorn” pattern

eu-l2The 34 Moving Average has acted as resistance, so there’s a “Thorn” pattern. In this case, we could have a decline towards the nearest support area at 1.1634 – 1.1615. If a pullback from this area happens, bulls will probably try to reach another resistance at 1.1668 – 1.1695.

We’ve got a “Thorn” pattern, so the market is consolidating. It’s likely that the pair is going to achieve the next support at 1.1615 in the coming hours. However, if a pullback from this level happens little later on, there’ll be an opportunity to have an upward price movement towards the closest resistance at 1.1689 – 1.1695.

EUR/USD H4

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EUR/USD H1

13-11-2017-EUR-H1.png

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