EUR/USD may try to test the high or fall below the 1.09300

EUR/USD may again try to test the high or fall below the 1.09300 level

EUR/USD trading talks May 05

The beginning of the new month remains without trading activity on LUX PAMM due to extreme caution associated with the current activity on the market. However, now I see a fairly clear picture on the Euro Dollar, which will quite possibly soon be turned into trading activity.

Euro Dollar during April tried to overcome some resistance zone around 1.10700 and it started to work out after a sharp jump was made with the top of 1.10965. At the moment, a very weak uptrend has been formed, close to horizontal, and its extension in the current situation is unlikely.
A divergence has formed on the MACD four-hour chart, which is also clearly visible on the daily chart, along with a fairly confident crossing of the signal line.
The recent drop proved that the 100 EMA level on the 4-hour chart would not provide significant support in the event of a decline. But I would pay attention to the EMA 200 level, the line is at 1.09300 now. I will consider the support at 1.09430 as a marker level and a preliminary signal for further decline, and further breaking of the signal level at 1.09300 will probably mean a continuation of the fall to 1.08300.
Growth will be possible if the EMA levels of 100 and 200 are confidently crossed again, and then there will be a prospect of a second attempt to reach and overcome the level of 1.10950 formed in May

Leave a comment

Your email address will not be published. Required fields are marked *