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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: "V-Bottom" set up bullish correction

EUR/USD: "V-Bottom" set up bullish correction

The price faced a support at 1.0970, which led to form a reversal “V-Bottom”, so we’ve got the current upward movement. So, bulls are likely going to get a resistance between the 34 Moving Average and the level at 1.1083. If we see a pullback from this area, bears will probably try to catch a support at 1.1001 – 1.0970.

EUR/USD: "V-Bottom" set up bullish correction

As we can see on the one-hour chart, there’s a “V-Bottom”, which led to the current bullish price movement. Also, the 55 Moving Average is acting as a resistance. Therefore, the market is likely going to move up towards the closest resistance area. However, if sellers form a pullback from the trend line, then another downward movement will be on the table.

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