The price faced a support at 1.0493, so we’ve got a “V-Bottom” pattern. Therefore, the market is likely going to test the nearest resistance at 1.0552 – 1.0578 in the short term.
If a pullback from this area happens, there’ll be an opportunity to have a decline towards a support at 1.0493 – 1.0453.
We’ve got a “Triple Bottom”, so bulls are likely going to test an area between the 34 Moving Average and the nearest resistance at 1.0545. If we see a pullback from this level, bears will probably try to test a support at 1.0481 – 1.0467.
Origin: FX BAZOOKA
