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EUR/USD: Bulls Trying To Break Above Moving Average

By Al BrooksForexMay 19, 2022 09:32AM ET
www.investing.com/analysis/eurusd-bulls-trying-to-break-above-moving-average-200624574
EUR/USD: Bulls Trying To Break Above Moving Average
By Al Brooks   |  May 19, 2022 09:32AM ET
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EUR/USD Daily Chart
EUR/USD Daily Chart

  • EUR/USD bears had a big bear bar yesterday, closing on its low and reversing most of May 17.
  • So far, today has almost reversed all of yesterday’s strong bear trend bar and will likely break above it.
  • As strong as yesterday’s bear trend bar, the context is not great. While it was at the moving average, it followed three consecutive bull trend bars and a credible reversal up from a possible final flag setup. The odds were there would be a second leg up from the 3-bar rally up to May 17, so yesterday was more likely a breakout pullback buy setup.
  • Ultimately, the bulls need to break above the moving average and close above it to convince traders that this is the start of the rally up to the May 5 high and the bottom of the March – April trading range.
EUR/USD: Bulls Trying To Break Above Moving Average
 

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EUR/USD: Bulls Trying To Break Above Moving Average

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BREKiNG NEWS
BREKiNG NEWS May 19, 2022 9:37AM ET
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