EUR/USD: "High Wave" set up bullish correction
The price has faced a support by the lower “Window”. Also, we’ve got a “Harami” at the local low, which hasn’t been confirmed yet. Therefore, the market is likely going to achieve the nearest resistance. If a pullback from this line happens, there’ll be an opportunity to have another decline. As we can see on the Daily chart, the 34 and 55 Moving Averages acted as a resistance once again. Considering that there isn’t any reversal pattern, bears will probably go on.
There’s a bearish price movement, which is taking place on the one-hour chart. We’ve got a “High Wave” at the last low, which has been strongly confirmed. Also, there’s a chance to see another test of the nearest support. If we have a pullback from this line, then bulls will probably try to get a resistance on the Moving Averages.