EUR/USD: "Pennant" pattern

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The last "Pennant" pattern has been broken, so the price faced support at 1.1712. However, the market is likely going to continue falling down towards the 55 Moving Average. If a pullback from this line happens, there'll be an opportunity to have an upward price movement in the direction of the nearest resistance at 1.1757 - 1.1801.

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Bears found support at 1.1712, so the price is consolidating. It's likely that the pair is going to test the nearest resistance at 1.1757 - 1.1776 during the day. Meanwhile, if we have a pullback from this area, sellers will probably try to achieve the next support at 1.1683.

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