EUR/USD: bullish "Pennant" pattern

EUR/USD: bullish "Pennant" pattern


The 34 Moving Average has acted as resistance, so the price is consolidating. Meanwhile, the market is likely going to reach the next resistance at 1.1668 - 1.1695. If a pullback from these levels happens, we could have another decline towards the closest support at 1.1615 - 1.1582.


There's a "Pennant" pattern, so bulls are likely going to test the nearest resistance at 1.1668 - 1.1689 during the day. However, if a pullback from these levels happens, there'll be an opportunity to have a bearish price movement in the direction of another support at 1.1615 - 1.1601.




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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