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EUR/USD: "Pennant" led to the new high, but bulls are so tired

EUR/USD: "Pennant" led to the new high, but bulls are so tired

The price has found a resistance at 1.1419, so bears are ready to return into the market. The main target for a coming correction is a support at 1.1372 – 1.1357. If a pullback from this area happens, bulls will probably try to achieve a resistance at 1.1446 – 1.1479.

EUR/USD: "Pennant" led to the new high, but bulls are so tired

As we can see on the one-hour chart, the movement in a range of the last “Pennant” was finally ended by the fast bullish rally. However, the price faced a resistance at 1.1419 afterwards, which entered the market into a consolidation phase. So, the pair is likely going to decline towards a support on the 34 Moving Average, which is strong enough to reverse the price movement in the direction of a resistance at 1.1446.

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