EUR/USD: "V-Top" highlights chance to have new low
There’s a “Double Bottom” pattern, which led to an achievement of the nearest resistance at 1.1196. So, the price is likely going to reach a support at 1.1138 in the short term. If a pullback from this level happens, there’ll be an opportunity to have an upward movement towards the 89 Moving Average.
We’ve got a consolidation on the one-hour chart, which brought a “V-Top” pattern. Therefore, the market is likely going to decline in the direction of the closest support at 1.1145 – 1.1138 during the day. At the same time, if a pullback from these levels be on the table, then bulls will likely try to get a resistance on the 34 Moving Average.