The main trend is still bullish, but the price is consolidating. It’s likely that the pair is going to test the 89 Moving Average in the short term. If a pullback from this line happens little later on, there’ll be an opportunity to have an upward price movement towards the nearest resistance at 1.2313 – 1.2334.
Bulls faced with resistance at 1.2294, so there’s a “Double Top” pattern. In this case, the market is likely going to test the closest support at 1.2254 – 1.2233. Meanwhile, if we see a pullback from this area, bulls will probably try to reach the 89 Moving Average.
EUR/USD H4
EUR/USD H1
