EUR/USD: Moving Averages acted as resistance

EUR/USD: Moving Averages acted as resistance

2802eurusdH4 (1).png

The Moving Averages have acted as resistance, so the price is declining. However, we've got a bullish "High Wave" pattern, so there's an opportunity to have a local bearish correction in the short term. Nevertheless, the market is likely going to continue moving down afterwards.

2802eurusdH1 (1).png

There're bullish patterns such a "Harami" and a "Hammer", but both of them haven't been confirmed yet. So, the price is likely going to test the 55 Moving Average, which could be a departure point for another decline.




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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