EURUSD had bounced off to the 200-day moving average, having trimmed its recent gains amid a local growth of yields of 30-year bonds of the US. The pressure looks quite strong, but the 200-day moving average is a strong technical reference, and it’s possible to witness a bullish counter reaction from this level.
Focusing on the area between 1.06 and 1.07 might give a trader a pivot point to the upside as shown on the chart, especially if any confirmation will appear - for example, an engulfing pattern, pin bar or similar formation.
Despite some local weakness, Euro remains to be influenced by strong buyers from the bond market, and the 200-day moving average support has a good chance of stopping the downside price action.
Don't forget - this is just the idea, always do your own research and never forget to maange your risk!
Focusing on the area between 1.06 and 1.07 might give a trader a pivot point to the upside as shown on the chart, especially if any confirmation will appear - for example, an engulfing pattern, pin bar or similar formation.
Despite some local weakness, Euro remains to be influenced by strong buyers from the bond market, and the 200-day moving average support has a good chance of stopping the downside price action.
Don't forget - this is just the idea, always do your own research and never forget to maange your risk!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.