EUR/USD: 21 MA acting as resistance

EUR/USD: 21 MA acting as resistance

2019-11-11 • Updated

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The 21 Moving Average is acting as resistance, so we've got a "Shooting Star" pattern on this line. Therefore, the market is likely going to reach the nearest support level, which could be a departure point for an upward price movement towards the 34 MA.

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The price faced with resistance on the 89 Moving Average, so there's a bearish "Engulfing" pattern, which has been confirmed. In this case, we could have an intraday decline in the coming hours. If we have a pullback from the closest support, bulls will probably try to deliver a new local high.

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