EUR/USD: "Flag" points to new local high
There’s a “Double Top” pattern, which has been confirmed. The price faced a support at 1.1196, which led to a local consolidation. Therefore, the market is likely going to reach the next support at 1.1181. If a pullback form this level happens, there’ll be an opportunity to see an upward movement in the direction of the nearest resistance at 1.1256, which is strengthened by the bearish trend line.
We’ve got a “Flag” pattern under the Moving Averages. So, bulls are likely going to get a resistance at 1.1228 during the day. However, if a pullback from this level arrives, bears will probably try to achieve a support at 1.1190 – 1.1180.