EUR/USD: "Double Bottom" led to the bullish correction
The price has been moving in a flat’s range right under the lower side of the previously broken “Flag” pattern. So, the market is likely going to decline towards a support at 1.1021 in the short term. However, if a pullback from this level happens afterwards, there’ll be an opportunity to see an upward movement in the direction of a support at 1.1145 – 1.1168.
As we can see on the one-hour chart, there’s a flat in progress, which could turn out into a “Flag” pattern. Therefore, it’s likely that bears are going to taste the next support at 1.1032 during the day. At the same time, if we see a pullback from here, bulls will have a reason to reach a resistance at 1.1130 – 1.1145 later on.