EUR/USD: pair going higher because of the "Pennant"
We’ve got a local “Double Bottom”, which led to the current upward price movement. The pair reached a resistance at 1.1097 afterwards, so bulls have got some rest. Therefore, the market is likely going to achieve a resistance somewhere between the levels 1.1130 – 1.1145. If a pullback from this area happens, there’ll be a chance to see a decline in the direction of a support at 1.0970.
As we can see on the one-hour chart, the price is moving in a range between the nearest resistance at 1.1097 and the previously achieved support at 1.1045. Also, there’s a “Pennant”, so the pair is likely going to get a resistance between the 55 & 89 Moving Average lines in the short term. However, if bulls run out of steam here, it’ll be a chance for bears to carry on towards a support at 1.0970.