Wednesday, May 2, 2018
Fall continues on the EUR/USD
The
Euro versus the Dollar is keeping its bearish momentum and breaks below the
1.2000 level as shown on the daily chart. The pair may try to visit the 1.1900
level or even the 1.18 or 1.17 levels. However, after a strong directional
movement, the markets tend to correct amid some profit taking. Therefore, the
EUR/USD may try to pull back to the 200 day EMA (blue line) around the 1.2045
level, which could act as resistance. Above the 200 day EMA, its next
resistance could be the 1.2153 level, which acted as support in the past. The
55 day EMA (purple line) is now pointing to the downside, indicating a possible
trend reversal on the EUR/USD. Attention to a possible breakout-pullback
pattern to the 200 day EMA.
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We may see a pullback before another move downward.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteThank you for the relevant information.
ReplyDeleteIt may fall to 1.1900.
ReplyDeleteI also think that will meet soon the 1.19 level.
ReplyDeleteLet's see how it will develop.
ReplyDeleteInteresting to see how this develops.
ReplyDeleteThere is still space for further decline.
ReplyDeleteThe pair is sideway trading.
ReplyDelete