EUR/USD: bears going to test the next support
We’ve got a new local high on the four-hours chart. Also, there’s a “V-Top” pattern, so the price reached a support at 1.0552. However, bears are likely going to continue pushing the price lower, so we should keep an eye on the next support at 1.0524 – 1.0504 as a possible intraday target. If a pullback from this area happens, there’ll be an opportunity to have another bullish price movement.
The price has broken a local uptrend, which led to the current consolidation. The 55 Moving Average acted as a support, but the pair is likely going to reach the next support at 1.0524 – 1.0504 in the short term. Considering a possible pullback from these levels, bulls will probably try to test a resistance at 1.0620 – 1.0626 later on.