EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: Moving Averages acted as resistance
The Moving Averages have acted as resistance, so the price is declining. However, we've got a bullish "High Wave" pattern, so there's an opportunity to have a local bearish correction in the short term. Nevertheless, the market is likely going to continue moving down afterwards.
There're bullish patterns such a "Harami" and a "Hammer", but both of them haven't been confirmed yet. So, the price is likely going to test the 55 Moving Average, which could be a departure point for another decline.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.