EUR/USD: 55 & 89 MA acted as resistance

EUR/USD: 55 & 89 MA acted as resistance

0508eurusdh4.png

The 55 & 89 Moving Averages have acted as resistance, so the price is declining. It's likely that the pair is going to test the nearest support at 1.1519. A pullback from this level could be a departure point for an upward price movement towards the 144 Moving Average.

0508eurusdh1.png

There's a 'Three Methods' pattern, so the market is declining. It seems like we're going to have an upward correction towards the closest resistance at 1.1596. If a pullback from this level happens next, there'll be time for another decline to 1.1519.

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EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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