EUR/USD is still bullish, looks for a lower leg

EUR/USD is still bullish, looks for a lower leg

The EUR/USD pair is following a bullish bias across the markets and it continues to strengthen the current path with a consolidation above the 200 SMA at H4 chart. Around 1.1446 it started to correct the overall bias, but it was blocked by the 50 SMA. However, we’re forecasting another lower leg to test the range between the 1.1282 and 1.1233 levels, at which could gain momentum to resume the bullish bias towards the 1.1523 zone (-23.6%).

RSI indicator is still at the positive territory, supporting the upside path.




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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