EUR/USD: bulls going to deliver a deeper correction
The price has been moving in a flat’s range. So, it’s likely that the market is going to decline towards a support area at 1.1032 – 1.1023 in the short term. If a pullback from here happens afterwards, there’ll be an opportunity to have an upward movement in the direction of the nearest resistance at 1.1120 – 1.1145.
As we can see on the one-hour chart, there’s a local upward movement. The 89 Moving Average has acted as a resistance, so we’ve got a “V-Top” here. Therefore, the market is likely going to catch a support at 1.1032 – 1.1023 in the short term. However, bulls will probably try to reach a support at 1.1120 – 1.1130 afterwards.