EUR/USD: bullish "Pennant"

EUR/USD: bullish "Pennant"


There's a new local low, but bears faced with support at 1.1560, so we've got a "V-Bottom", which pushed the price higher. In this case, the pair is likely going to reach the nearest resistance at 1.1615 - 1.1634 in the short term. If a pullback from this area happens, there'll be an opportunity to have another decline.


We've got a bullish "Pennant" on the one-hour chart, so the market is likely going to test the closest resistance at 1.1634 during the day. If a pullback from this level happens little later on, bears will probably try to deliver a downward price movement in the direction of the next support at 1.1560 - 1.1553.




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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