We’ve got a “Double Bottom” pattern, which has been confirmed, so the price is consolidating under a resistance at 1.0951.
Therefore, bears are likely going to test the nearest support at 1.0873. If a pullback from this level happens, there’ll be an option to have an upward movement in the direction of the next resistance at 1.0971.
As we can see on the one-hour chart, the last “Double Bottom” pattern has been confirmed by a bullish “Flag”. However, the price faced a resistance at 1.0951 afterwards, which led to form a “V-Top” pattern. So, the market is likely going to test the 89 Moving Average. If a pullback from this line happens, bears will probably try to deliver another decline.
Origin: FX BAZOOKA
