EUR/USD: "V-Bottom" pattern

EUR/USD: "V-Bottom" pattern


There's a "V-Bottom" pattern, which pushed the price to the nearest resistance at 1.1772. Meanwhile, the market is likely going to continue moving up towards the next resistance at 1.1822 - 1.1857. If a pullback from this area happens little later on, there'll be an opportunity to have a decline towards the closest support at 1.1719 - 1.1695.


Bears faced with support at 1.1729, so there's a "Thorn" pattern. The main intraday target is the next resistance at 1.1810 - 1.1820. At the same time, bears are likely going to deliver a local downward correction in the coming hours.




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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