EUR/USD: "Double Bottom" points to a possible upward correction
The last flat was finally ended by yesterday’s bearish rally. Finally, the price found a support at 1.1124, which led to form “V-Bottom” pattern. So, the market is likely going to reach a resistance at 1.1217 in the short term. If a pullback from this level happens, there’ll be a chance to see a new downward movement.
The pair faced a support at 1.1124, which brought a “Double Bottom” pattern. Therefore, the price is likely going to achieve a resistance area between the 55 Moving Average and the level at 1.1200. Considering a possible pullback from this area, bears will likely try to resume the current downward trend.