EUR/USD: "V-Bottom" pattern

EUR/USD: "V-Bottom" pattern


There's a "V-Bottom" pattern, so the price is consolidating. It's likely that bulls are going to reach the nearest resistance at 1.1668 - 1.1695 in the short term. If a pullback from this area happens, there'll be an opportunity to have a decline towards the next support at 1.1560 - 1.1533.


The price is consolidating under the 34 Moving Average, so bears are likely going to test the next support at 1.1615 - 1.1601 during the day. Meanwhile, if we see a pullback from these levels, there'll be an option to have an upward price movement in the direction of the 55 Moving Average.




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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