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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: "Pennant" points to the deeper upward correction

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.

EUR/USD: "Pennant" points to the deeper upward correction

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.

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