EUR/USD: 'Double Bottom' pattern

EUR/USD: 'Double Bottom' pattern


There's a 'Double Bottom' pattern, so the market is likely going to test the nearest resistance at 1.2377 - 1.2395 in the coming hours. If a pullback from this area forms, there'll be an opportunity to have a decline towards the next support at 1.2344 - 1.2335.


The price has been rising since the last 'V-Bottom' was formed. The main intraday target is the closest resistance at 1.2377 - 1.2395, which could be a departure point for a bearish correction.



Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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