EUR/USD: "Triple Bottom" led to consolidation
There’s a downward consolidation, which is taking place on the four-hours chart. The price faced a support at 1.1181, which led to the current bullish correction. At the same time, bears are likely going to reach the nearest support at 1.1198 in the short term. If we see a pullback from this level, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1256, which is strengthened by the bearish trend.
We’ve got a consolidation, which is going up and down between the levels 1.1240 – 1.1180. Therefore, the price is likely going to reach a support at 1.1213 – 1.1196 in the short term. However, if bears be stopped here, bulls will probably try to achieve the nearest resistance at 1.1256.