EUR/USD: main trend is still bearish

EUR/USD: main trend is still bearish

21-5-2018-EUR-H4.png

The main trend is still bearish, but the price faced with support at 1.1717, so there's a 'Thorn' pattern. In this case, the pair is likely going to test the nearest resistance at 1.1779 - 1.1822, which could be a departure point for another decline.

21-5-2018-EUR-H1.png

The last 'Flag' pattern has been broken, but there's a local 'V-Bottom'. So, there's an opportunity to have an upward correction towards the Moving Averages. At the same time, if the 34 or 55 Moving Average acts as resistance, bears will probably try to deliver a new local low.

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EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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