EUR/USD: "Double Bottom" points to a possible correction
The last “Triangle” has been broken. However, bears found a support at 1.1001 afterwards, so currently we’ve got a local upward correction. Therefore, the market is likely going to reach the closest resistance at 1.1057 – 1.1083 in the short term. If a pullback from this area arrives later on, sellers will probably try to achieve the next support at 1.0970.
As we can see on the one-hour chart, the price has been moving in an intraday flat’s range since a support at 1.1001 was reached. Also, there’s a possible “Double Bottom” pattern, so bulls are likely going to try to get a resistance near the local downtrend. Perhaps, a pullback from here arrives afterwards. If so, bears will deliver a new low shortly.