EUR/USD: bulls going to test down trend

EUR/USD: bulls going to test down trend


There's a "Triple Bottom", so the market is likely going to test resistance near the downtrend. However, considering the previously formed "Triple Top" and "Breakaway Gap", there's an opportunity to have a decline towards the 55 Moving Average afterwards.


The price faced resistance at 1.0947, so there's a local consolidation. Meanwhile, bulls are likely going to test the next resistance during the day, which could be a departure point for a decline in the direction of the Moving Averages.




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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