EUR/USD: "Tower" highlights possibility to have bullish correction
The price has been falling down since an “Engulfing” arrived at the local high. Also, there’s a “Hammer” at the last low, but this pattern hasn’t been confirmed yet. In this case, the market is likely going to reach the nearest resistance in the short term. As we can see on the Daily chart, there isn’t any bullish pattern so far, which means bears will move on.
We’ve got a “Hammer” and a “Tower”, so the price is likely going to reach the 21 Moving Average in the short term. If a pullback from this line happens, there’ll be an opportunity to have another decline shortly.