EUR/USD: main trend is still bearish

EUR/USD: main trend is still bearish


The main trend is still bearish. However, there's a 'Triple Bottom' pattern, so the market is likely going to test the nearest resistance at 1.1975 - 1.2003. A pullback from this area could be a departure point for another decline.


The 89 Moving Average has acted as resistance, so the market is consolidating. At the same time, there's a 'V-Bottom', so it's likely that the pair is going to reach the closest resistance at 1.1975 - 1.2003 soon.




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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