EUR/USD: "Three Methods" pattern

EUR/USD: "Three Methods" pattern


The 55 Moving Average is acting as resistance, so we've got a "Shooting Star" on this line. However, confirmation of this pattern is a quite weak, so we could have just a local bearish correction. If a pullback from the nearest support happens little later on, there'll be an opportunity to have an upward price movement towards the 89 Moving Average.


There's a bearish "Three Methods" pattern, which has been strongly confirmed. Also, there isn't any reversal pattern so far. In this case, the market is likely going to decline in the direction of the nearest support level, which could be a departure point for another bullish rally.



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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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