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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: bears are getting some rest because of the "Double Bottom"

EUR/USD: bears are getting some rest because of the "Double Bottom"

The price has faced a support at 1.1242, which led to the local upward movement under the 89 Moving Average. So, the market is likely going to get a resistance at 1.1282 – 1.1326 during the day. If we see a pullback from this area, bears will probably try to move on, so we should keep track of the next support at 1.1179.

EUR/USD: bears are getting some rest because of the "Double Bottom"

As we can see on the one-hour chart, there’s a “Double Bottom”, which stopped the bearish rally. So, a bullish correction towards a resistance at 1.1297 becomes possible. If bears push off from this levels, a new low is likely going to be delivered very soon.

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