EUR/USD: "Pennant" led to bullish rally

EUR/USD: "Pennant" led to bullish rally

19-9-2017-EUR-H4.png

The 34 Moving Average has acted as support, so the price is rising. So, we should keep an eye on the next resistance at 1.2029 - 1.2042 as an intraday target. If a pullback from this area arrives little later on, there'll be an opportunity to have a bearish correction.

19-9-2017-EUR-H1.png

The last "Pennant" pattern led to another bullish rally, so the pair is likely going to reach the nearest resistance at 1.2029 - 1.2042. However, if we see a pullback from these levels, bears will try to test the closest support at 1.1941 - 1.1934 shortly.

eur

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