Monday, May 21, 2018
Possible hammer on the EUR/USD
The
EUR/USD has kept a good bearish trend, pressured by the rally on the US Dollar.
The Greenback accelerates its bullish momentum after the trade tensions between
the US and China ease and supports the rally on the Dollar. On the daily chart
of the EUR/USD we can see that the pair has dropped below the 1.1800 level and
came very close to the 1.1700 level. The 55 day EMA (purple line) is pointing
down and it may try to cross below the 200 day EMA (blue line), which could
complete a death cross. The death cross pattern has bearish implications in the
mid-term. Therefore, even though the price of the EUR/USD may pullback in the
short-term, it may continue dropping. Today´s daily candle is the shape of a
hammer, which is a bullish reversal candlestick pattern. If the next candle is
bullish, then the EUR/USD may try to correct towards the 1.1900 level which
could act as resistance.
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Thank you for pointing that out.
ReplyDeleteI agree with your assessment.
ReplyDeleteWell spotted! An upward correction must be on the way.
ReplyDeleteThatnk you for the tip, will be watchful.
ReplyDeleteGreat analysis as usual.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteVery good analysis.
ReplyDeleteBearish trend continues.
ReplyDelete