EUR/USD: new local high coming soon because of the "Flag"
The price faced a support at 1.0970, which led to form a “Double Bottom”, so we’ve got an upward correction in progress. Therefore, the market is likely going to achieve an area between the 34 Moving Average and the nearest resistance at 1.1057. If a pullback from here happens, there’ll be an opportunity to have a decline in the direction of a support at 1.0911.
As we can see on the one-hour chart, there’s a “Double Bottom” pattern, which brought bulls into the market. Also, we’ve got a “Flag”, so the pair is likely going to rise towards the 89 Moving Average. However, if a pullback from this line arrives afterwards, bears will probably try to reach a support at 1.0970 – 1.0951.