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EUR/USD: the nearest resistance is waiting for bulls

EUR/USD: the nearest resistance is waiting for bulls

Bulls have slowed down after the price reached a resistance at 1.1217. However, the market is likely going to test this resistance once again in the short term. If a pullback from there happens, there’ll be the very special moment for bears to set up a decline toward the last low.

EUR/USD: the nearest resistance is waiting for bulls

As we can see on the one-hour chart, the pair has been moving up and down between a resistance by the 89 Moving Average and a support at 1.1167. Therefore, the market is likely going to get a resistance at 1.1217 during the day, which could be the bulls' last gasp.

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