EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Triple Bottom" pattern
2019-11-11 • Updated
Bears faced with support at 1.1767, so there's a bullish "V-Bottom" pattern, which pushed the price to the nearest resistance at 1.1836. The main intraday target is the next resistance at 1.1857, which could be a departure point for a bearish correction.
The 89 Moving Average has acted as support, so there's a "Triple Bottom" pattern, which led to the current consolidation. In this case, the pair is likely going to reach the closest resistance at 1.1836 - 1.1859 in the short term. If a pullback from this area happens a little later on, we could have a decline towards the nearest support at 1.1787 - 1.1767.
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