FX.co ★ EUR/USD

For the EUR/USD pair, buyers are now trying to build upward pressure and pull the price toward the medium-term highs. A “double bottom” pattern is gradually forming on the chart in the area of the higher level at 1.159. If the bulls manage to break through the 1.175 resistance, the buy signal will become valid after the price consolidates above this level. An additional confirmation will be the convergence of the moving averages. From the broken boundary, the nearest targets for taking profit are the next high at 1.163 and the supply zone around 1.174. The bullish scenario will be canceled if the price moves below the critical low at 1.162. Consolidation below this broken zone will clearly confirm the weakening of the bulls and indicate a shift in priorities. For now, I am closely watching the breakout of the resistance and the market’s reaction to the key levels.