EUR/USD: consolidation going to move on

8 September 2016, 16:04
Eko Rediantoro

The market is consolidating under the closest resistance at 1.1270. Therefore, bears are likely going to reach a support at 1.1220 in the short term. If we see a pullback from this line, there’ll be a chance to have another bullish movement towards the next resistance at 1.1282 – 1.1324.

As we can see on the one-hour chart, the price is moving in a flat’s range between a resistance at 1.1270 and a support by the 34 Moving Average. In this case, it’s likely to see an achievement of the nearest resistance at 1.1262 – 1.1270 during the day. However, if a pullback from this area happens, bears will probably try to get a support on the 55 Moving Average.

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