EUR/USD: "Breakaway Gap" speed up bearish correction
There’re a “V-Top” pattern and a “Breakaway Gap”, so the price is declining. Despite of a support at 1.1268, the market is likely going to reach the next support at 1.1235. If a pullback from this level happens, bulls will probably try to catch a resistance at 1.1349 – 1.1381.
As we can see on the one-hour chart, the last consolidation in a range of a “Pennant” pattern was finally ended by the “Breakaway Gap”. Therefore, the pair is likely going to get a resistance on the 34 Moving Average during the day. However, bears have enough power to move on afterwards.