The last ‘Pennant’ pushed the price lower, so a decline is underway. The main intraday target is the next support at 1.1249. If a pullback from this level happens next, there’ll be an opportunity to have an upward correction towards the nearest resistance at 1.1312 – 1.1365.
The pair has been declining since the last ‘Wedge’ pattern turned out to be broken. At the same time, we’ve got a ‘V-Bottom’, so the price is likely going to test the 34 Moving Average within the next few hours. Meanwhile, this line could be a departure point for another decline.
EUR/USD H4
EUR/USD H1
