EUR/USD: "Thorn" pattern

EUR/USD: "Thorn" pattern


The 34 Moving Average has acted as resistance, so there's a "Thorn" pattern. In this case, we could have a decline towards the nearest support area at 1.1634 - 1.1615. If a pullback from this area happens, bulls will probably try to reach another resistance at 1.1668 - 1.1695.


We've got a "Thorn" pattern, so the market is consolidating. It's likely that the pair is going to achieve the next support at 1.1615 in the coming hours. However, if a pullback from this level happens little later on, there'll be an opportunity to have an upward price movement towards the closest resistance at 1.1689 - 1.1695.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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