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EUR/USD: bears going to test support once again

EUR/USD: bears going to test support once again

The price faced a support at 1.0978, which led to form a “Thorn” pattern. However, the market is likely going to reach the next support at 1.0984. If a pullback from this level happens, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1045 – 1.1069.

EUR/USD: bears going to test support once again

As we can see on the one-hour chart, bulls faced a resistance on the 34 Moving Average line, so we’ve got a “Double Top” pattern here. In this case, bears are likely going to get a support at 1.1000 – 1.1098 during the day. Considering a “V-Bottom” pattern, there’s an opportunity to have a bullish movement towards a resistance at 1.1057 – 1.1069 afterwards.

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