EUR/USD: upcoming correction
Read the article on FBS website
The market is consolidating. If any bearish pattern arrives in the coming hours, we could have a downward correction towards the nearest support at 1.0851. If a pullback from this level happens, there’ll be an opportunity to have another bullish price movement towards the next resistance at 1.0918 – 1.0933.
The 55 Moving Average is acting as a support. However, there’s a possible developing reversal pattern. In this case, bears are likely going to test an area between the 89 Moving Average and the nearest support at 1.0851. If we see a pullback from these levels, bulls will probably try to reach a resistance at 1.0918 – 1.0933.