EUR/USD consolidating a double cycle

EUR/USD consolidating a double cycle

EUR/USD has been rallying across the board and it’s trying to consolidate above the 1.1800 mark. However, the pair is facing a strong resistance in the 1.1845 level, which should give up in favor of the bulls in order to test the Fibonacci extensión zone of 100% at 1.1882. Such move could be the indication of a double cycle held since December 12th lows.

RSI indicator remains in the positive territory, favoring to the bulls.




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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