EUR/USD: "V-Bottom" led to bullish correction
There’s a “V-Bottom” pattern, so the price has reached a resistance at 1.1032. Therefore, the market is likely going to achieve the next resistance at 1.1045 – 1.1069 in the short term. If a pullback from these levels happens, there’ll be an opportunity to have another decline towards a support at 1.0978 – 1.0951.
The price faced a resistance by the 55 Moving Average line, which led to the current consolidation. However, bulls are likely going to get a resistance between the 89 Moving Average and the level at 1.1057. At the same time, if we see a pullback from this area, bears will probably try to deliver another downward price movement.