EUR/USD: pair consolidating along Moving Averages

EUR/USD: pair consolidating along Moving Averages

6-7-2018-EUR-H4.png

Bulls faced with resistance at 1.1720, so the pair is consolidating. Even so, the price is likely going to reach the next resistance at 1.1744 - 1.1777. A pullback from this area could be a starting point for a decline towards the nearest support at 1.1673 - 1.1652.

6-7-2018-EUR-H1.png

The last 'Pennant' led to a new local high. Meanwhile, we're likely going to have a downward correction in the coming hours. So, we should keep an eye on the closest support at 1.1679 - 1.1661 as an intraday target. If a pullback from these levels happens next, there'll be a moment for another bullish rally.

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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