Technical Analysis

Can’t say the buyers are winning

The EURUSD trend down momentum may be slowing. You can tell that by the slope of the lower trend line on the hourly chart below. Today, the pair is lower but the pair stalled against a higher, flatter trend line.  

Another signal of the slowing trend, is the price made a new 2018 low on Friday at 1.19097 (vs 1.1915 low from January 2018). Today, both those lows were taken out to the low at 1.1896, but the price is back above.  

What keeps the pair more bearish, however, is that the corrective high is stalling near the low from Wednesday at 1.19378, the price can’t muster much momentum above a topside trend line at 1.1946 currently, and the 100 hour MA (blue line at 1.19702 has not been breached since April 19th.  

IF those levels can be taken out, there will be more reasons to think the buyers might be taking more control. However, until then, the trend may be slowing/stalling/taking a breathe, but the sellers are still more in control. 

Source link

Articles You May Like

Comments from PBOC’s Zhu on the yuan
1# Langkah Awal Belajar Trading Forex | tutorial forex android
GBPUSD bounces more as scales tip toward vote of confidence
Huawei situation not getting any better
The USDJPY runs higher and comes back down. Support better hold…

Leave a Reply

Your email address will not be published. Required fields are marked *