EURUSD consolidates recent losses and establishes a bullish chart pattern.
As it awaits the crucial triggers on early Wednesday in Europe. The EURUSD floats on a shaky floor with little advances around 1.0775.
The ECB’s Lagarde and the Fed’s Minutes are looking for unambiguous guidance.
As a result, the Euro pair creates a bullish chart pattern known as the “Double Bottom,” with attention focused on a speech by. European Central Bank (ECB) President Christine Lagarde. And the minutes of the most recent Federal Open Market Committee (FOMC) Monetary Policy Meeting.
Not only does the “Double Bottom” pattern support the EURUSD pair’s continuing recovery. But recent improvements in the RSI (14) line from oversold zone and positive MACD indications do as well.
The 100-Hour Moving Average (HMA) joins the 50-HMA and a downward-sloping trend line from early May to form the 1.0800 as the primary upward hurdle for the pair. Euro purchasers must cross in order to restore control.
Following that, a rapid run-up towards the 200-HMA and mid-May lows at 1.0835 and 1.0845, respectively, cannot be ruled out.
On the contrary, a EURUSD decline is unlikely until the price maintains above the “Double Bottom” of roughly 1.0760.
If the Euro bears manage to break through the 1.0760 crucial support and defy the bullish chart pattern, the pair will be exposed to a drop towards the late March low of about 1.0715.
