EUR/USD: bears can't break strong support

14 September 2016, 17:48
Eko Rediantoro

There’s a consolidation above the 55 Moving Average, which brought a “Harami” and a “Doji” patterns. Therefore, the price is likely going to test the nearest resistance line once again. If we have a pullback from this level, then bears will likely try to deliver a new low. As we can see on the Daily chart, here’s a “Shooting Star” at the local high, which has been confirmed, so the pair is likely going to get a support on the 34 Moving Average.

The nearest support line are so strong, so we’ve got a “Three Methods” and a “Three Line Strike” patterns here. In this case, the market is likely going to reach the closest resistance, but if we see a pullback from this level, then there’ll be an opportunity to have another decline towards the lower “Window”.

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