EUR/USD: last "Pennant" was broken

EUR/USD: last "Pennant" was broken

22-2-2018-EUR-H4.png

All the Moving Averages have been broken, so the price is declining. At the same time, there's an opportunity to have a local upward correction towards the nearest resistance at 1.2296 - 1.2332. If a pullback from this area happens little later on, bears will probably try to achieve the next support at 1.2205.

22-2-2018-EUR-H1.png

The price has been declining since the last "Pennant" pattern was broken. It's likely that the pair is going to test the Moving Averages, which could be a departure point for another decline.

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The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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