EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "V-Bottom" pushed price higher
The main trend is still bullish. Also, there's a "V-Bottom", which led to the current upward price movement. However, the price faced with resistance at 1.2319, so there's an opportunity to have a bearish correction towards the nearest support area at 1.2246 - 1.2205.
All the Moving Averages have been broken, but the market faced with resistance at 1.2319. Therefore, bears are likely going to test the closest support at 1.2254 - 1.2233, which could be a departure point for another bullish price movement.
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.