EUR/USD: "Thorn" pattern

EUR/USD: "Thorn" pattern


The main trend is still bullish. The 89 Moving Average has acted as support, so there's a "V-Bottom" pattern. It's likely that the market is going to test the next resistance at 1.2346 - 1.2359 in the short term. If a pullback from these levels happens afterwards, there'll be a moment for a bearish correction.


Bears faced with resistance at 1.2290, so there's a "Thorn" pattern. In this case, we should keep an eye on the Moving Averages as the nearest bullish target. A pullback from these lines could be a departure point for another decline.



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