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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