EUR/USD: 34 & 55 MA acting as resistance

EUR/USD: 34 & 55 MA acting as resistance

1209eurusdh4.png

The 34 & 55 Moving Averages are acting as resistance, but the last bearish 'Shooting Star' hasn't been confirmed enough. So, the market is likely going to test the nearest support at 1.1505, which could be a departure point for another bullish rally.

1209eurusdh1.png

There's a bullish 'Engulfing', which has been formed at the last low, so the market is likely going to test the closest resistance at 1.1615. A pullback from this level will lead to a decline in the direction of the next support at 1.1505.

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