EUR/USD: Technical analysis 07- 03

By : Sergey Logachev
EUR/USD: Technical analysis 07- 03 ||

EUR/USD: Technical analysis 07- 03

The main downward trend has been broken and the price found a resistance on the 55 & 89 Moving Average lines. With this, it’s likely that we will see a decline towards a support at 1.0957. If the bulls takes over and the price starts rising from this level, then it's likely that the pair will test a resistance area between the levels at 1.1032 – 1.1145.

EUR/USD: Technical analysis 07- 03

There’s a “Flag” on the one-hour chart, which was finally ended by the bullish rally last Friday towards a resistance between the levels 1.1031 – 1.1145. A “V-Top” pattern was formed afterwards and the price started a downward correction. It’s likely that a decline will go further to an area between the support at 1.0957 and the 89 Moving Average line. However, bulls might come back and try to reach a resistance area between the levels 1.1067 – 1.1113.