EUR/USD: "Pennant" led to new local high
There was a consolidation under the Moving Averages, which has been ended by the last bullish rally, so the price faced a resistance at 1.1145. Therefore, the pair is likely going to reach a support on the 89 Moving Average in the short term. However, if we see a pullback from this line, there’ll be an opportunity for another upward movement.
The last “Flag” pattern has done such a great job, so we’ve got a new local high here. Finally, bulls found a resistance at 1.1166, which led to the current local flat. So, the market is likely going to get a support at 1.1145 – 1.1120 during the day. Considering a possible pullback from this area, bulls will probably try to catch a resistance at 1.1166 – 1.1186 afterwards.