EUR/USD: "V-Bottom" let bulls to move the market higher
The price couldn’t break the nearest support area, so we’ve got a “V-Top” pattern, which led to a local upward movement towards the Moving Average lines. So, the market is likely going to get a resistance at 1.1120 -1.1148 in the short term. However, if we see a pullback from this area, there’ll be an opportunity to another decline in the direction of a support at 1.1045 – 1.1023.
As we can see on the one-hour chart, there’s a “V-Bottom” pattern, so the price reached a resistance at 1.1093. Under this circumstances, the pair is likely going to achieve the 55 Moving Average during the day. If this line stops bulls, then bears will likely try to get a support at 1.1023.