EUR/USD Forecast: ‘Thorn’ pattern

EuroUSDThere’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

17-4-2018-EUR-H4 (1).png

H1 Chart

17-4-2018-EUR-H1 (1).png

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.

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