EUR/USD Forecast: “Double Bottom” pattern

forex-news-euro-usdThe main trend is still bearish, but the price is consolidating. The 55 Moving Average is acting as resistance, so the pair is likely going to reach the nearest support at 1.1634 – 1.1615 in the short term. If a pullback from this levels happens little later on, we could have another upward price movement towards the next resistance at 1.1695 – 1.1724.

There’s a “Double Bottom” pattern, which has been formed above the 34 Moving Average, so the price is consolidating. The main intraday target is the closest resistance at 1.1689 – 1.1695. If we have a pullback from this area, bears will probably try to reach the 89 MA.





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