EUR/USD: "Pennant" points to the deeper upward correction
The price has faced a support at 1.1179, so we’ve got a “Double Bottom”, which has been confirmed. So, the market is likely going to get a resistance at 1.1326 in the short term. If a pullback from this level happens, there’ll be a chance to see a decline towards a support at 1.1242.
Bulls have found a local resistance at 1.1282, which led to form the current “Pennant” pattern. Therefore, the pair is likely going to rise towards a resistance at 1.1321 – 1.1325 during the day. However, if a pullback from this area happens, bears will probably try to catch a support on the 55 Moving Average.