Forex analytics and overview

EUR/USD: Bulls Trying To Break Above Moving Average

05/19/2022

1 minute read

2022.05.19 16:46

EUR/USD: Bulls Trying To Break Above Moving Average 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.

05/19/2022

1 minute read

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