EUR/USD: 34 Moving Average acted as resistance

EUR/USD: 34 Moving Average acted as resistance

0612eurusdh4.png

The 34 Moving Average has acted as resistance, so the price is consolidating between the lower 'Window' and the Moving Averages. It's likely that the market is going to test the 55 Moving Average, which could be a departure point for a decline towards the next 'Window' (1.1287).

0612eurusdh1.png

The Monday's 'Window' has acted as support many times, but the Moving Averages are acting as resistance, so the market is moving sideways. There's a bullish 'Engulfing' pattern, so we should watch the nearest resistance at 1.1363 as an intraday target.

eur

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