EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "V-Top" led to decline
We've got a "V-Top", so the price is declining. In this case, we should keep an eye on the nearest support at 1.1978 - 1.1949 as an intraday target. If a pullback from this area happens, there'll be an opportunity to have an upward price movement in the direction of the closest resistance at 1.2129.
The 34 Moving Average has acted as support, so the price is consolidating. Therefore, the market is likely going to test the 89 MA in the short term. However, if a pullback from this line happens, we could have another bullish rally towards the next resistance at 1.2080 - 1.2129.
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.