EUR/USD: "V-Bottom" pattern

EUR/USD: "V-Bottom" pattern


Bears faced with support at 1.1875, so we've got a "V-Bottom" pattern, which pushed the price to the nearest resistance at 1.1909. So, the market is likely going to decline towards the next support at 1.1846. If a pullback from this level happens, there'll be an opportunity to have an upward price movement in the direction of another resistance at 1.1975 - 1.2003.


The 34 Moving Average has acted as resistance, so there's a "V-Top" pattern. Therefore, the pair is likely going to decline towards the closest support at 1.1875 - 1.1863. However, if we have a pullback from these levels, bulls will probably try to reach resistance at 1.1959.




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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