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EUR/USD: "Pennant" strengthened bulls' pressure

Sergey Logachev

EUR/USD: "Pennant" strengthened bulls' pressure

The price has found a resistance at 1.1409, which led to the current correction. Therefore, in the short term it's likely that the market is going to achieve the next upper levels such as a resistance at 1.1436. If buyers be stopped here, then a downward correction will have a chance to begin.

EUR/USD: "Pennant" strengthened bulls' pressure

We've got a “V-Top” pattern on the one-hour chart, so the price is declining. Considering a possible “Pennant” pattern, bulls are likely going to reach a resistance at 1.1409 – 1.1436. If we see a pullback somewhere from here, then the pair will probably start a correction towards a support area at 1.1364 – 1.1341.

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