The Euro snapped out of the descending trend channel on Monday, but it has done a U-turn since and there could be some ominous sign for Euro bulls. Will EUR/USD resume the descent?
A bearish triple moving average formation requires the price to be below the short-term SMA, the latter to be below the medium-term SMA and the medium-term SMA to be below the long-term SMA. All SMAs also need to have a negative gradient.
On the topside, the 55-day SMA is currently near the recent peak and there might be a resistance zone ahead of 1.0700. The hindering factor is the clustering of the 21, 34- and 55-day SMAs. If the price stays above those SMAs, then it is likely that the conditions for a bullish TMA pattern will be triggered.
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