EUR/USD: two "V-Bottoms" are calling an upward correction
The price has faced a support at 1.1179, which led to the local upward movement towards a resistance at 1.1219. Nevertheless, the market is likely going to reach the next resistance area between the level at 1.1242 and the Moving Average lines. If a pullback happens afterwards, there’ll be a chance to see a downward movement in the direction of the uptrend’s support area.
As we can see on the one-hour chart, the bearish movement has found a support at 1.1187. So, we’ve got a correction in progress, which is likely going to move on towards a resistance at 1.1242 – 1.1255. However, if we see a pullback from this area, bears will probably try to set up a decline once again.