Forex Opinion & Analysis

EUR/USD Could Test Moving Average Support

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EUR/USD Daily Chart

  • The EUR/USD pair has been forming a wedge top over the past ten trading days. This will increase the odds of a two-legged pullback to the moving average (blue line).
  • The bulls want the market to continue the slight pullback bull trend. However, the upside will likely be limited, and the market will soon transition into a trading range.
  • The bears need to form more selling pressure before most of the bears are eager to sell.
  • The weekly chart will likely form a higher low major trend reversal over the next several months.
  • This means that the daily chart will likely have a deep pullback which could test 1.044 before the market finds buyers.

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