EUR/USD: "Thorn" pattern pushed price higher

EUR/USD: "Thorn" pattern pushed price higher


There's a "Thorn" pattern, which pushed the price higher, but bulls faced with resistance at 1.1739. In this case, the market is likely going to test the nearest support at 1.1688, which could be a departure point for an upward price movement towards the next resistance at 1.1772 - 1.1793.


The price is consolidating near the 55 Moving Average. Also, there's a local "Triple Top" pattern, so bears are likely going to reach the closest support at 1.1695 - 1.1688. If a pullback from this area happens, there'll be an opportunity to have an upward price movement in the direction of another resistance at 1.1772 - 1.1793.



EURUSD: bearish "High Wave"

We could have a local downward correction towards the nearest support. If a pullback from this area happens...


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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