EUR/USD: "Double Bottom" set up the bullish correction
We’ve got a consolidation in progress, which brought a local “Double Bottom” pattern. If it confirms, the market is likely going to get a resistance somewhere between the levels 1.1130 -1.1145. However, if a pullback from here happens afterwards, bears will probably try to move on and deliver a new low.
As we can see on the one-hour chart, there’s a “Double Bottom”, which led to the current upward movement. So, the pair is likely going to reach a resistance at 1.1132 – 1.1145 during the day. If bulls be stopped here, we should keep an eye on the next support at 1.0939 – 1.0911 as a possible bearish target.