EUR/USD: "V-Bottom" pushed price higher

EUR/USD: "V-Bottom" pushed price higher

5-3-2018-EUR-H4 (1).png

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.

5-3-2018-EUR-H1 (1).png

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.

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