EUR/USD: 21 MA acting as resistance

EUR/USD: 21 MA acting as resistance

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The 21 Moving Average is acting as resistance, so we've got a "Shooting Star" pattern on this line. Therefore, the market is likely going to reach the nearest support level, which could be a departure point for an upward price movement towards the 34 MA.

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The price faced with resistance on the 89 Moving Average, so there's a bearish "Engulfing" pattern, which has been confirmed. In this case, we could have an intraday decline in the coming hours. If we have a pullback from the closest support, bulls will probably try to deliver a new local high.



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Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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