There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
EUR/USD: 'Shooting Star' on 34 MA
The 34 Moving Average has acted as resistance, so there's a 'Shooting Star' pattern, which led to the current decline. However, there's also a bullish 'Engulfing', so the pair is likely going to test the nearest resistance at 1.1503. If a pullback from this level happens next, bears will probably try to reach the next support at 1.1401.
There're bullish patterns such a 'Tower' and an 'Inverted Hammer', which both have been confirmed. So, the market is likely going to test the 89 Moving Average shortly. A pullback from this line could be a starting point for another decline towards the lower 'Window' (1.1401).
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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