EUR/USD: bullish 'Thorn' pattern

2018-07-11 21:01    FBS

EUR/USD: bullish 'Thorn' pattern Institution Opinions 1

There's a bullish 'Thorn' pattern, so the price is consolidating. It's likely that the market is going to test the next resistance at 1.1790 - 1.1820. A pullback from this area could be a departure point for a decline towards the 89 Moving Average.

EUR/USD: bullish 'Thorn' pattern Institution Opinions 2

The last 'Thorn' led to the current upward price movement. Also, we've got a bullish 'Pennant', so the pair is likely going to achieve another resistance at 1.1790. If a pullback from this level happens next, there'll be time for a bearish correction.

EURPattern

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