EUR/USD: "V-Bottom" points to a correction
There’s a “V-Top” pattern, which led to the current decline. The price faced a support at 1.1271, so we’ve got a local correction in progress. The market is likely going to reach a resistance at 1.1366 . If a pullback from this line happens, there’ll be a chance for bears to deliver a new low.
As we can see on the one-hour chart, the last flat was finally ended by the bearish rally. Considering a pullback from a support at 1.1271, bulls are likely going to achieve a resistance at 1.1339 – 1.1357. However, bears will probably try to move on afterwards.