EUR/USD: "V-top" brought bears into the market

9 September 2016, 11:03
Eko Rediantoro

The last upward price movement has been stopped by a resistance at 1.1324, so we’ve got a “Thorn” pattern. Therefore, the market is likely going to get a support at 1.1251 in the short term. If we see a pullback from this level, there’ll be an opportunity to have another bullish movement towards a resistance at 1.1354 – 1.1365.

As we can see on the one-hour chart, the price faced a support on the 34 Moving Average. Also, there’s a local “V-Bottom” pattern, which led to an achievement of a resistance at 1.1282. In this case, the pair is likely going to reach the next resistance at 1.1296 – 1.1307 during the day. At the same time, if a pullback from this area be on the table, bears will probably try to catch a support at 1.1251.

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