EUR/USD: Moving Average acted as support

EUR/USD: Moving Average acted as support

2012eurusdh4.png

The 55 Moving Average has acted as support, so the price is rising. At the same time, if a pullback from the nearest resistance at 1.1500 happens next, there'll be a moment to have a downward correction towards the closest support at 1.1426.

2012eurusdh1.png

There's a bearish 'High Wave', which hasn't been confirmed yet. So, after a short break, the pair is likely going to test the next resistance at 1.1500. The subsequent pullback from this level could lead to a decline in the direction of the Moving Averages.

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