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May 22 - 02:36 AM

EUR/USD - Went Up, It Must Now Come Down: Overbought

By Martin Miller  —  May 21 - 02:35 AM
  • EUR/USD will likely form a top, market technical signals a possible reversal

  • The 30-day upper bollinger-band, now at 1.0988, has been reached: overbought

  • In coming sessions the risk will shift back to the 30-DMA, now at 1.0872

  • A break and daily close below 30-DMA would weaken the outlook further

  • We are now short at 1.0960, placed our stop above the 200-DMA now at 1.1015

  • FX traders should insure against a EUR/USD slump nL1N2D20DI

  • EUR/USD Trader TGM2334. Previous update nL1N2D208N

Daily Bollinger Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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