EUR/USD: 34 MA acting as resistance

EUR/USD: 34 MA acting as resistance


There's a bearish "High Wave" pattern, which hasn't been confirmed enough. So, the market is likely going to test the 34 Moving Average in the short term. If a pullback from this line happens, there'll be an opportunity to have another decline.


The 34 Moving Average is acting as resistance, so we've got a "Tweezers" and a "Harami" patterns. In this case, we could have a decline during the day. If any bullish pattern forms afterwards, bulls will probably try to deliver a new local high.




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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