EUR/USD: bulls going to test next resistance

EUR/USD: bulls going to test next resistance

22-5-2017-EUR-H4.png

Bulls faced resistance at 1.1204, so the market is consolidating. However, the price is likely going to move on towards the next resistance at 1.1232 - 1.1249. If a pullback from this area happens, there'll be an opportunity to have a downward correction in the direction of support at 1.1171 - 1.1139.

22-5-2017-EUR-H1.png

There's a consolidation, which is taking place between the levels 1.1171 - 1.1204. Meanwhile, bears are likely going to get support on the 34 Moving Average, which could be a departure point for another bullish price movement. So, we should keep an eye on resistance at 1.1232 - 1.1249 as an intraday target.

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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