EUR/USD: "Pennant" points to a new high
The price has faced a resistance at 1.1186, so we’ve got a “V-Top” pattern here. Therefore, bulls are likely going to move on towards the next resistance near the main downtrend. However, if a pullback from this resistance happens later on, bears will probably try to catch a support at 1.1221 – 1.1186.
There’s a consolidation in progress, which brought a “Pennant” pattern. In this case, the market is likely going to break the last high, so we should keep an eye on a resistance at 1.1222 – 1.1235. If bulls be stopped here, there’ll be an opportunity to have a local downward correction in the direction of a support at 1.1196 – 1.1166.