EUR/USD: bullish "Pennant"

EUR/USD: bullish "Pennant"


The price has been consolidating under resistance at 1.1287. Also, we've got a "Pennant" pattern, so the pair is likely going to test the next resistance at 1.1307 - 1.1325. If a pullback from this area happens, there'll be an opportunity to have a decline towards the nearest support at 1.1249 - 1.1232.


There's a consolidating, which is taking place between the closest resistance at 1.1287 and the 34 Moving Average. At the same time, we've got a "Triangle", so the market is likely going to test the lower side of this pattern, which could be a departure point for an upward price movement towards resistance at 1.1287 - 1.1307.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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