USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/USD once again turned lower
SELL 1.1165; TP1 1.1135; TP2 1.1120; SL 1.1180
The key currency pair met the resistance of the 50-day MA. This line stopped the advance of the pair in April and has once again provided an obstacle for bulls this week around 1.1245. In addition, EUR/USD was limited on the upside by the declining resistance line for many months already.
On H4, we can see that the pair fixed below the line connecting the lows of April and May in the area of 1.1180. As a result, it’s possible to expect the euro to return to these lows which are located in the 1.1135/20 area.
Fundamentally the euro is under pressure as Italian Deputy Prime Minister Matteo Salvini said that right-wing League party will “tear apart” European Union rules if it gets good results at European parliamentary election on May 23-26.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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