EUR/USD: last "Pennant" was broken

EUR/USD: last "Pennant" was broken


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.


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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Levels to trade EUR/USD

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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