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EUR/USD: "Thorn" led to the bearish correction

Sergey Logachev

EUR/USD: "Thorn" led to the bearish correction

The market has faced a resistance at 1.1436, which led to form a “Thorn” pattern. Currently, we’ve got a flat at the last high. It’s likely that the price is going to reach a support at 1.1341 near the actual trend line. If a pullback appears, then a rise will have a chance to resume, so we should keep an eye on a resistance area at 1.1436 – 1.1460.

EUR/USD: "Thorn" led to the bearish correction

As we can see on the one-hour chart, the pair has been going up and down in a range. The market is likely going to achieve a support area between the 55 Moving Average and the level at 1.1334. If a correction be stopped here, then bulls will probably try to reach a resistance at 1.1437 – 1.1460.

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