The EURUSD pair had
a positive showing in the previous session, ending at the 1.0949 level after
making a high at 1.0959. On the daily chart, the pair has formed a morning star
candlestick pattern. The candle formed along with a lower Bollinger band
crossover hints at a possible recovery in the coming sessions. However, a
sustained break above the psychological 1.1000 level is required to confirm the
same. On the 8H chart, the pair has broken above its 200 SMA, while its
momentum oscillators are also attempting to regain upward momentum. Continued
trading above the 1.0923/25 level would keep the near term bias positive, while
a move back below the same would negate the bullish view. Weekly price action
continues to favour a weak trend after recording a bearish engulfing
candlestick pattern in the previous week.
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