There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
EUR/USD: price testing the 55 Moving Average
There's a 'V-Bottom', so the price is testing the 55 Moving Average. The main intraday target is the next resistance at 1.1720. A pullback from this level could be a departure point for a bearish correction towards the closest support at 1.1628 - 1.1599.
The last 'Flag' pushed the price higher. Meanwhile, if a pullback from the nearest resistance at 1.1679 - 1.1661 happens next, there'll be a moment for a downward correction in the direction for the Moving Averages.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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