EUR/USD: time to rebound?

EUR/USD: time to rebound?

EUR/USD is currently trading inside a strong demand zone that has been established by our Fibonacci’s projections. The 200 SMA at H1 chart is also providing the line in the sand for bulls, at which could gather enough momentum to ride the bullish bias. When that happens, the pair could be targeting the 1.1531 level, which corresponds to the -23.6% Fibonacci retracement level. To the downside, such scenario will get invalidated once it breaks below 1.1312.

RSI indicator is close to turn neutral, calling for a consolidation at the current stage.




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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