EUR/USD: technical analysis
There’s a “Double Bottom” pattern, which has been confirmed. Yesterday the price rose dramatically and finally bulls faced a resistance at 1.1214. It’s likely that bears brings a downward correction to the market. If the pair forms a pullback from a support at 1.1113 it’ll be the first sign that an upward movement is coming back.
We’ve got a “V Bottom” pattern on the one-hour chart, which led to the extremely fast upward movement. However, a “Triple Top” pattern arrived afterwards and a downward correction becomes the main direction for the market. It’s likely that bears faces a support at 1.1113. If so, the pair is probably going to rise even higher that we saw yesterday.