EUR/USD: "V-Bottom" pattern

EUR/USD: "V-Bottom" pattern

31-5-2017-EUR-H4.png

The price faced support at 1.1103, so we've got a "V-Bottom" pattern, which pushed the pair towards resistance at 1.1204. Therefore, bulls are likely going to reach the next resistance at 1.1232 - 1.1249 in the short term. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the nearest support at 1.1139 - 1.1103.

31-5-2017-EUR-H1.png

We've got a "V-Bottom", so the price reached resistance at 1.1204. However, there's a "Pennant" pattern, so the market is likely going to test the next resistance at 1.1234 in the coming hours. If we see a pullback from this level, bears will have a chance to achieve support at 1.1139 - 1.1103.

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