EUR/USD: 89 Moving Average acted as resistance

EUR/USD: 89 Moving Average acted as resistance

0711eurusdH4.png

The 89 Moving Average has acted as resistance, so there's a 'High Wave' pattern, which hasn't been confirmed yet. In this case, the pair is likely going to test the nearest resistance at 1.1474 once again. A pullback from this level could lead to another decline.

0711eurusdH1.png

There're bearish patterns such a 'Harami' and an 'Engulfing'. Therefore, the market will test the closest support at 1.1415 shortly. Meanwhile, if a pullback from this level happens little later on, we should watch the next resistance at 1.1474 as an intraday target.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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