EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "Pennant" pattern
The main trend is still bullish, but the price is consolidating near the 55 Moving Average. It's likely that the pair is going to test the next support at 1.2246 - 1.2205. If a pullback from this area happens little later on, there'll be a moment for another bullish price movement.
The price is consolidating between the levels 1.2335 - 1.2275. Also, there's a "Pennant" pattern, so the market is likely going to test the closest resistance at 1.2325, which could be a departure point for a decline towards the next support at 1.2254 - 1.2233.
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.