EUR/USD: "V-Bottom" led to bullish correction
The price faced a support on the Moving Averages, which led to form a “V-Bottom” pattern. So, the market is likely going to reach a resistance at 1.1270 – 1.1282 in the short term. However, if a pullback from this area happens, there’ll be an opportunity to have another decline towards a support at 1.1196 – 1.1181.
As we can see on the one-hour chart, there’s a “V-Bottom” pattern, so the price achieved a resistance at 1.1251. It’s likely that bulls are going to reach the next resistance at 1.1282 during the day. At the same time, bears will have a chance for a kind of revenge in we see a pullback from this resistance.