The main trend is still bullish, but there’s a “Double Top” pattern, which has been confirmed. So, the pair is likely going to test the nearest support at 1.2300 – 1.2272 in the short term. If a pullback from this area happens little later on, there’ll be a moment to have another bullish price movement.
The 89 Moving Average has acted as support, so the price is consolidating. Therefore, the market is likely going to achieve the closest resistance at 1.2398. This level could be a departure point for a decline towards the next support at 1.2300 – 1.2272.
EUR/USD H4
EUR/USD H1
