EUR/USD: "Shooting Star" set up local bearish correction
The pair has been moving up since a “Hammer” formed at the last low. We haven’t got any reversal pattern so far, which makes possible an achievement of the 34 Moving Average in the short term. As we can see on the Daily chart, there’s a “Hammer” at the local minimum. If it confirms, bulls will probably try to catch the nearest resistance.
We’ve got a pullback from the 89 Moving Average, which led to form a “Shooting Star” pattern, but its confirmation is a still weak. Therefore, the market is likely going to get a support on the previously formed “Three Methods” pattern. At the same time, if a pullback from this support happens, there’ll be an opportunity to see another upward movement.