The common currency Euro is falling dramatically right after hitting our take profit level of $1.1635. The bearish move initiated upon the closing of the inverted hammer pattern on the hourly chart.

Anyhow, I’m looking to take another buying position in the EUR/USD near $1.1580. As you can see in the chart, the 50 – periods EMA is likely to support the pair at $1.1585. The double bottom pattern is also likely to support the pair at the same level of $1.1585.

So, I’m putting the buy limit near $1.1585 and upon confirmation of bullish reversal, I will reenter the market.