EUR/USD: "Pennant" led to bullish rally

EUR/USD: "Pennant" led to bullish rally

16-5-2017-EUR-H4.png

Bulls have broken the downtrend, so the price faced resistance at 1.0991. Therefore, the market is likely going to continue moving up towards the next resistance at 1.1025 - 1.1039 in the short term. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the nearest support at 1.0951 - 1.0910.

16-5-2017-EUR-H1.png

The last consolidation led to another bullish rally. The main intraday target is resistance at 1.1015 - 1.1025, which could be a departure point for a bearish correction towards support at 1.0972 - 1.0947.

eur

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