The last consolidation under the 34 Moving Average has been finally ended by the current bearish leap forward. The price faced a support at 1.1032 afterwards, so the market is likely going to reach a resistance area between the levels 1.1057 – 1.1097 in the short term. If we see a pullback from here afterwards, bears will probably try to achieve a support at 1.0970 – 1.0939.
As we can see on the one-hour chart, the “Triangle’s” lower side has been broken, which led to form a “V-Bottom” afterwards. Therefore, the pair is likely going to get a resistance on the Moving Average lines. However, bears are still in the game, so we should keep in mind a support at 1.0970 – 1.0939 as a possible next intraday target.