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Feb 22 - 01:55 PM

EUR/USD - Warnings Are Flashing For Recent Longs

By Christopher Romano  —  Feb 22 - 12:10 PM
  • EUR/USD rallied above the 55-DMA today and struck a 3-week high

  • Gains eroded however and the pair turned lower on the session

  • Daily RSI diverged on the high, daily inverted hammer candle formed

  • EUR/USD fell back below the 200-DMA; traded down -0.04% at Europe's close

  • The pair remains above the 10- & 21-DMAs however, gives longs some comfort

  • Daily chart also shows an inverse head & shoulders may be developing

  • The thinning daily cloud may eventually become magnetic, drive a rally

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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