EUR/USD: "Pennant" pattern

EUR/USD: "Pennant" pattern


The 34 Moving Average has acted as support, so the market is likely going to reach the next resistance area at 1.1975 - 1.2003 in the short term. If a pullback from these levels happens little later on, there'll be an opportunity to have a downward correction towards the nearest support at 1.1909 - 1.1859.


Bulls faced with resistance at 1.1927, so the price is consolidating. Also, there's a "Pennant" pattern, so the pair is likely going to achieve the closest resistance at 1.1975 - 1.2003 during the day. Meanwhile, if we have a pullback from this area, bears will probably try to test another support at 1.1909 - 1.1897.




Morning brief for May 30

 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…

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