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Thomson Reuters
May 17 - 05:00 AM
EUR/USD - Double Failure Above 30-DMA Heightens Downside Risk
First appeared on eFXplus on May 17 - 02:40 AM
  • Failed close above 30-DMA, now at 1.1220, despite marginal breaks above it
  • Double failure above 30-DMA occurred Wednesday and Thursday, trapping bulls
  • The risk grows for further losses to 30-day lower bollinger, now at 1.1131
  • We remain short at 1.1220 in anticipation for our 1.1100 target
  • We have lowered our stop to 1.1230 to cut risk on the trade to a minimum
  • EUR/USD trapped below 30-DMA, increasing the downside risk

EUR/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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