EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "Rising Wedge"
We've got a "Rising Wedge", so the price formed a pullback from the 55 Moving Average, which led to the current consolidation under the 34 Moving Average. Therefore, the pair is likely going to test the nearest resistance at 1.1249 - 1.1267 in the short term. If we see a pullback from this area, there'll be an opportunity to have another decline in the direction of the next support at 1.1204 - 1.1165.
There's a "Double Bottom", so the price is consolidating under the 34 Moving Average. It seems like bears are going to achieve the closest support at 1.1204 - 1.1194, which could be a departure point for an upward price movement towards the nearest resistance at 1.1249 - 1.1267.
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.