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  4. EUR/USD consolidating within the bearish pennant

EUR/USD consolidating within the bearish pennant

July 04, 2016 09:39

The EUR/USD is consolidating within a bearish pennant after a drop caused by Brexit price action. Traders should pay attention to 2 POCs and a possible X cross breakout just below the pennant. POC1 comes within 1.1120-35 zone (previous double bottom, historical sellers) while POC2 marks 1.1168-85 zone (H3, EMA89, the pennant top,50.0). Rejections from any of POC will aim for possible pennant breakout -1.1080. Breakout and 4h close below 1.1080 will take the pair down towards 1.1030-25 zone. Only below 1.1000 the fiber will target 1.0935.

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