EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "V-Bottom" pattern
The main trend is still bullish, but the price faced with support at 1.2164, so there's a "V-Bottom" pattern. Therefore, the market is likely going to test the nearest resistance at 1.2319 - 1.2395, which could be a departure point for another decline.
We've got a "V-Bottom" pattern, so the price is rising. The main intraday target is the closest resistance at 1.2320 - 1.2346. If a pullback from this area happens little later on, there'll be an opportunity to have a decline towards the next support at 1.2254 - 1.2233.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.