ZuluTrade Blog

Lower Highs for EURUSD

Market View | Tuesday, June 30, 2020 1:45 PM GMT

After failing to break out of the resistance zone (1.137 - 1.1415), the pair forms lower highs in the daily timeframe, indicating a short-term trend reversal to the downside. Though the fast MAs maintain the uptrend bias, 5 EMA is currently flirting with 20 EMA while the price is already moving below 20EMA.

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Daily Chart

Reviewing major news, the Eurozone Core Inflation rate (YOY) met expectations at 0.8% and decreased from the previous month. Later today, investors waiting for Fed William's speech as well as US Consumer Confidence that is expected to be better than the previous month (91.8 from 86.6).

Heading to the 240m, the pair forms a triangle and is currently testing the low side of it. If EURUSD violates it to the downside, then it may activate a target lower than 200 SMA. If the price goes above 1.1286, then it will negate the negative outlook.

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240m Chart

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



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