EUR/USD: "Triple Bottom" set up upward correction
We’ve got a “Triple Bottom” pattern, which led to the current upward price movement. However, bulls faced a resistance on the Moving Averages, so we’ve got a local consolidation here. Therefore, the market is likely going to reach a support at 1.1176 – 1.1160 in the short term. If we see a pullback from this area, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1232 – 1.1244.
As we can see on the one-hour chart, an achievement of the 89 Moving Average stopped the last bullish rally. So, the pair is likely going to get a support at 1.1176 – 1.1166 during the day. However, if a pullback from this levels happens, bulls will probably try to deliver a new high.