ZuluTrade Blog

EURUSD broke above 200SMA! Whats next?

Market View | Friday, May 29, 2020 10:15 AM GMT

Following up on the previous post, EURUSD finally performed and verified the breakout of 200SMA decisively. The newsfeed supported the current bullish bias and buyers are prevailing. A new package is going to be provided to EU countries in a form of grants and loans as discussed in the EU yesterday. 

Reviewing the daily chart, EURUSD is currently flirting with the supply zone (blue) while RSI (9) is getting overbought. Traders should have the 61.8% Fibonacci level as additional resistance. A potential retracement - near to MAs - may be considered as a buying opportunity however Traders should watch for the upcoming news.

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EURUSD daily chart

Heading to the hourly, the demand zone (grey) acts short-term support for the bulls while RSI is forming a negative divergence (not yet completed). However, as said, Traders should monitor closely the upcoming news as the calendar includes many events that may cause fluctuations on the pair. 

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EURUSD Hourly chart

Checking the ZuluTrade’s Traders Sentiment, the community is currently neutral on EURUSD.

In focus today (economic calendar):

EuropeanMonetaryUnion - Consumer Price Index (YoY) (May)
EuropeanMonetaryUnion - Consumer Price Index - Core (YoY) (May)
Canada - Gross Domestic Product Annualized (QoQ) (Q1)



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