EUR/USD: lower 'Window' acting as support

EUR/USD: lower 'Window' acting as support

0802eurusdH4.png

The lower 'Window' is acting as support, so there's an opportunity to have the second 'Engulfing' pattern in a row. In this case, the market is likely going to test the nearest resistance at 1.1359 by the last 'Three Methods' pattern. The subsequent pullback from this level could lead to another decline.

0802eurusdH1.png

There're bullish patterns such as the last two 'Engulfing'. Thus, it's likely to have an upward correction in the direction of the 34 Moving Average. If this line acts as resistance, bears will probably try to deliver a new local low. Therefore, we should watch the next support at 1.1298 as a possible intraday target.

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