The trend is still bullish, but the price is consolidating. Also, there’s a “Double Top” pattern, which has been confirmed, so the pair tested the 55 Moving Average. The main intraday target is the nearest resistance at 1.2456. If a pullback from this level happens, there’ll be an opportunity to have a decline towards the next support at 1.2334 – 1.2294.
All the Moving Averages acted as resistance, so there’s a “V-Top” pattern. Therefore, the pair is likely going to test the closest support area at 1.2350 – 1.2334. Meanwhile, if we see a pullback from these levels, there’ll be a moment to have another upward price movement.
EUR/USD H4
EUR/USD H1
