EUR/USD: "Thorn" pattern

EUR/USD: "Thorn" pattern


The pair is consolidating near the 55 Moving Average. It's likely that the price is going to test the nearest support at 1.1649 in the short term. If a pullback from this level happens afterwards, there'll be an opportunity to have a bullish price movement towards the nearest resistance at 1.1757 - 1.1801.


Bears faced support at 1.1683, so there's a "Thorn" pattern, which pushed the price higher. The main intraday target is the nearest resistance at 1.1757 - 1.1776. However, if we see a pullback from this area, bears will probably try to reach another support at 1.1649.




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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