The price faced a support on the 89 Moving Average, which led to the current upward movement. There’s a possible “Pennant” in progress, so the market is likely going to reach the upper side of this pattern. If a pullback appears, bears will have a chance to achieve a support at 1.1273 – 1.1242.
As we can see on the one-hour chart, the price has been rising in a range of the “Pennant” pattern, which includes three “Flags” inside. It’s likely that the pair is going to get a resistance at 1.1344 – 1.1371. If so, there’ll be an opportunity to see the market on a support at 1.1309 – 1.1284.
EUR/USD, H4
EUR/USD, H1
Origin: FX BAZOOKA
