EUR/USD: consolidation along the 34 MA

EUR/USD: consolidation along the 34 MA


The 34 Moving Average has acted as support, so we've got a "V-Bottom" pattern, which pushed the price to resistance at 1.1425. So, the market is likely going to continue moving up towards the next resistance at 1.1444 - 1.1464. If we see a pullback from this area, there'll be an opportunity to have a decline in the direction of the nearest support at 1.1379 - 1.1370.


The price is consolidating along the 34 Moving Average. It seems like bulls are ready to reach the next resistance at 1.1444 - 1.1455 during the day. However, if a pullback from these levels happens, we could have a local downward correction.




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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