EUR/USD: bears have been waiting the correction ends
The pair has reached a support at 1.1242, which brought a “Double Bottom” pattern, so the price achieved a resistance at 1.1282 afterwards. Therefore, the market is likely going to rise towards a resistance at 1.1326 – 1.1357. If a pullback from this area happens, bears will probably try to approach a support at 1.1219 – 1.1179.
As we can see on the one-hour chart, the price has faced a resistance at 1.1297, which is strengthened by the Moving Average lines. Also, there’s a possible “Pennant”, so the market is likely going to get a resistance at 1.1320 – 1.1340 in the short term. However, if bulls run out of steam on this area, there’ll be an opportunity to see a decline towards a support at 1.1255 – 1.1242.