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May 27 - 01:55 PM

EUR/USD - Longs Getting Their Conviction Tested

By Christopher Romano  —  May 27 - 11:56 AM
  • EUR/USD breaks below the 10-DMA, hits a 3-session low before slight bounce

  • Bears now threatened to damage bull channel base off the March 31 low

  • Key support near 1.2150 just below the t-l also under threat

  • Daily RSI diverged on May 25 high, now trends lower, good sign for shorts

  • EUR/USD bulls defending holding the line for now but defense might erode

  • Break below 1.2150 likely to run stops, lead to test of 1.2050, then 55-DMA

  • EUR/USD bulls need break above May 25 high in order to retake control

  • For more click on FXBUZ





eur/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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