EUR/USD bears in control
Hello traders,
EUR/USD almost lost 100 pips on the first trading day of June following some positive comments during the G20 meeting about trade tensions , diminishing tensions between US and China.
Probability of a rate cute in July decreased as markets expect the Fed to be more patient on a dovish move.
Also, we had some negative numbers for the manufacturing sector across the Euro zone which have put additional pressure on the pair.
Technically,the pair is now trading below most of its moving averages.
It broke below the 20D SMA around 1.129 and closed below it on a daily basis.
Also, it broke below the descending triangle I talked about last week and shown on the chart.
On the weekly chart, we can spot a doji candlestick last week after a big bull candle the week before which shows bulls are exhausted.
Therefore, more declines are expected for the Fiber.
Support is seen near 1.126 (50% fibo level) , 100D SMA followed by 1,1220 and 1.120.
Trade safe and good luck
EUR/USD almost lost 100 pips on the first trading day of June following some positive comments during the G20 meeting about trade tensions , diminishing tensions between US and China.
Probability of a rate cute in July decreased as markets expect the Fed to be more patient on a dovish move.
Also, we had some negative numbers for the manufacturing sector across the Euro zone which have put additional pressure on the pair.
Technically,the pair is now trading below most of its moving averages.
It broke below the 20D SMA around 1.129 and closed below it on a daily basis.
Also, it broke below the descending triangle I talked about last week and shown on the chart.
On the weekly chart, we can spot a doji candlestick last week after a big bull candle the week before which shows bulls are exhausted.
Therefore, more declines are expected for the Fiber.
Support is seen near 1.126 (50% fibo level) , 100D SMA followed by 1,1220 and 1.120.
Trade safe and good luck
Ramzi Abou Abdallah, CFTe, CMT
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