EUR/USD: bulls going to test nearest resistance
We’ve got a “V-Bottom” pattern, so there’s a local consolidation in progress. Therefore, the market is likely going to rise towards an area between the levels 1.1270 – 1.1282 in the short term. If we have a pullback from these levels, there’ll be an opportunity to see a decline in the direction of a support at 1.1220 – 1.1196.
There’s a consolidation along the Moving Averages on the one-hour chart. If we see a pullback from the nearest support level, the pair is likely going get a resistance at 1.1270 – 1.1282 during the day. At the same time, if bulls be stopped here, there’ll be a chance to have a decline towards a support at 1.1198 – 1.1181.