EUR/USD: "V-top" led to decline
The price faced a resistance at 1.1244, which led to form a “Thorn” pattern, so bears reached a support at 1.1160 last Friday. Therefore, the market is likely going to continue falling down towards the next support at 1.1130 in the short term. If we see a pullback from this level, then bulls will probably try to get a resistance at 1.1232 – 1.1244.
There’s a “V-Top” pattern, so we’ve got an achievement of a support at 1.1160 as a result. It’s likely that the price is going to get a resistance on the 89 Moving Average during the day. If we see a pullback from this level, there’ll be an opportunity to have a decline towards the nearest support at 1.1127.