EUR/USD: "V-Bottom" pattern

EUR/USD: "V-Bottom" pattern


The main trend is still bullish. The 34 Moving Average has acted as support, so we've got a "V-Bottom" pattern on this line. Therefore, the market is likely going to reach the nearest resistance at 1.2042 - 1.2069 in the short term. If a pullback from this area happens, we could have a decline towards the next support at 1.1909.


Bears faced with support at 1.1907, so we've got a "V-Bottom" pattern, which led to the current consolidation. In this case, the pair is likely going to achieve the closest resistance at 1.2028 - 1.2042 during the day. Meanwhile, if we have a pullback from these levels, there'll be an opportunity to have a downward price movement towards another support at 1.1941 - 1.1934.




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…

EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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