EUR/USD: "Double Bottom" blocked bearish rally
The price has been consolidating under the previously broken “Triangle” pattern. Also, bears faced a support at 1.0970, which led to form a “Double Bottom”, so the market is likely going to reach a resistance at 1.1001 – 1.1015 in the short term. However, if a pullback from this area happens, there’ll be a chance to see a decline towards a support at 1.0911.
There was a flat between the 89 Moving Average and the nearest support at 1.0980. Finally, sellers tried to break the flat’s lower side, but a bearish rally didn’t happen, so we’ve got a “Double Bottom” pattern. Therefore, the pair is likely going to get a resistance at 1.1001 – 1.1015 during the day. Considering a possible pullback from this area, a following downward movement becomes possible.