EUR/USD: "Thorn" pattern

EUR/USD: "Thorn" pattern


The 89 Moving Average has acted as support, so we've got a "Thorn" pattern on this line. Therefore, the price is consolidating between the 34 & 55 Moving Averages. So, the market is likely going to continue moving up towards the next resistance at 1.1975 - 1.2003. If a pullback from this area happens, we could have a decline in the direction of the nearest support at 1.1909 - 1.1892.


Bears faced with support at 1.1850, so there's a "Thorn" pattern, which pushed the price to resistance at 1.1925. In this case, the market is likely going to reach another resistance at 1.1975 - 1.2003 during the day. However, if we have a pullback from these levels, bears will probably try to catch the closest support at 1.1907 - 1.1892.




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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