EUR/USD: main trend is still bearish

EUR/USD: main trend is still bearish


The main trend is still bearish, but the price faced with support at 1.1717, so there's a 'Thorn' pattern. In this case, the pair is likely going to test the nearest resistance at 1.1779 - 1.1822, which could be a departure point for another decline.


The last 'Flag' pattern has been broken, but there's a local 'V-Bottom'. So, there's an opportunity to have an upward correction towards the Moving Averages. At the same time, if the 34 or 55 Moving Average acts as resistance, bears will probably try to deliver a new local low.



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The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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