There’s a ‘Thorn’ pattern, so the price is testing the nearest support at 1.2377. It’s likely that the market is going to test the next support at 1.2358 – 1.2344 in the coming hours.
If a pullback from this area happens, there’ll be an opportunity to have another bullish rally.
H4 Chart
H1 Chart
We’ve got a ‘V-Top’, so the market is declining. It’s likely that the pair is going to test the 55 Moving Average, which could be a departure point for an upward price movement towards another resistance at 1.2421 – 1.2441.
