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EUR/USD: Test of Moving Average Needed

By Al BrooksCurrenciesJun 05, 2023 09:25AM ET
www.investing.com/analysis/eurusd-test-of-moving-average-needed-200638731
EUR/USD: Test of Moving Average Needed
By Al Brooks   |  Jun 05, 2023 09:25AM ET
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EUR/USD
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EUR/USD Daily Chart
EUR/USD Daily Chart

  • The EURUSD has been in a tight bear channel below the moving average (blue line) since early May.
  • The bulls are developing decent buying pressure over the past couple of trading days, which increases the odds that the market will need to reach the moving average.
  • The market came close to the moving average on Friday. However, the test came up short, and the market reversed before reaching it.
  • The rally on Friday was likely not enough to satisfy a test of the moving average, which increases the probability of buyers not far below.
  • The bears see last Friday as a Low 1 short. They want strong follow-through selling today, which would trap and bull buying the Low 1, expecting it to fail.
  • More likely, the market will go sideways and reach the moving average over the next few days.
EUR/USD: Test of Moving Average Needed
 

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EUR/USD: Test of Moving Average Needed

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Comments (4)
RON GAMING
RON GAMING Jun 06, 2023 8:21AM ET
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I'm a trader but can you help me for giving me signal?
ZABRON ERNEST
PipsMaker2023 Jun 05, 2023 5:21PM ET
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I'm preparing myself to take your course publisher on your website as my account on the website is now verified.
ZABRON ERNEST
PipsMaker2023 Jun 05, 2023 5:21PM ET
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*published*
I Bouali
I Bouali Jun 05, 2023 5:21PM ET
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it's good.
Babamyrat B
Babamyrat B Jun 05, 2023 4:25PM ET
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Thank you Sir
ZABRON ERNEST
PipsMaker2023 Jun 05, 2023 11:36AM ET
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Thank you sir. Hit my Target today by following you
 
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