EUR/USD: "Pennant" increasing bullish pressure
There’s a consolidation, which is taking place on the four-hour chart. Also, we’ve got a “Flag” pattern, so the price is likely going to reach a resistance near the current downtrend. At the same time, if a pullback from the trend happens afterwards, then there’ll be an opportunity to see a bearish movement in the direction of a support at 1.1186 – 1.1166.
We’ve got a consolidation in a range of the current “Pennant” pattern. So, bulls are likely going to achieve a resistance at 1.1222 – 1.1235. However, if we see a pullback from this area, bears will probably try to catch a support at 1.1166.