By Christopher Romano — Apr 08 - 11:41 AM
EUR/USD stumbled after rallying above the 200-DMA on Wednesday
Daily inverted hammer formed, daily RSI diverged, sent warnings to longs
Thursday sees dip buyers emerge near the 21-DMA & climb above the 200-DMA
EUR/USD could be consolidating gains from the rally off the March 31 low
Consolidation is healthy for trends; should resolve with new highs made
Rising daily, monthly RSIs aren't overbought, implies more upside
1.1940/50, 1.1990/1.2000 are targets once consolidation completes
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Source:
Refinitiv IFR Research/Market Commentary