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May 25 - 05:55 PM

EUR/USD - Longs Remain Encouraged By Signals They See

By Christopher Romano  —  May 25 - 03:35 PM
  • EUR/USD fell Wednesday, probed 1.0640/55 old resistance turned into support

  • Pair traded to 1.0642 on EBS then rallied sharply and neared 1.0695

  • Price action resulted in formation of a daily bull hammer candle

  • Another bull signal emerged as the 10-DMA crossed above the 21-DMA

  • Rising monthly RSI & monthly bull hammer candle reinforce bull signals

  • 1.0740/80 is an immediate impediment for EUR/USD longs

  • Break of that zone should trigger stops and intensify buying

  • EUR/USD longs then target 1.0850/65 & possibly 1.0950/1.1000 resistances

  • For more click on FXBUZ

eurusd Click here

Source:
Refinitiv IFR Research/Market Commentary

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