EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "Flag" led to upward price movement
The main trend is still bullish, and there's a new local high. It's likely that the pair is going to test the next resistance at 1.2596 - 1.2600. If a pullback from this area happens, there'll be a moment to have a decline towards the nearest support at 1.2493 - 1.2453.
The last "Flag" pattern led to the current upward price movement, but there's a "V-Top", so we're likely going to have a downward correction. Meanwhile, if a pullback from the nearest support at 1.2493 - 1.2473 happens little later on, we could have another bullish rally.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.