Gets Exhausted After Aggressive RallyEURUSD once again has failed to make a higher-high on the daily time frame.
It closed the week on Friday with a large bearish candle failing to break through the resistance at 1.21500. EU rallied aggressively after it dropped into support at 1.17000 on the 31st of March.
Expectation From EURUSD
EU is showing a willingness to drop as it bounced off the bearish trend line lower.
The 9MA (Moving Average) which was lying below the candles’ bodies since the 5th of April smashed right between Friday’s bearish candle. The Moving average is showing strength to dominate subsequent candles as price falls lower.
The RSI (Relative Strength Index) is at point 53 at the time of writing. The RSI made a reversal on the 29th of April when the pin bar was formed projecting lower prices.
EURUSD key zones :
Supply zones: 1.23500, 1.21500
Demand zones: 1.20000, 1.17000
