EUR/USD: "Double Bottom" led to the bullish correction
There’s a “Double Bottom”, which has been confirmed, so the price is rising. Moreover, the downward channel’s upper side has been broken. Therefore, bulls are likely going to move on towards a resistance at 1.1271, which is near the 89 Moving Average.
The price has been moving up since a “Double Bottom” arrived at the last low. There’s an opportunity to see a local downward correction, because the pair reached a resistance at 1.1217. However, the market is likely going to achieve a resistance somewhere between the levels 1.1230 – 1.1243 afterwards.