the daily chartist

EUR/USD tests the bottom line of the uptrend

published 2 years ago

 EUR/USD takes advantage of the weaker dollar today as it recently landed for a test on the bottom line of the long-term uptrend on the daily chart. Succeeding there, stopping at 1.4333 gives a green light to push with some long positions, but we are reaching the 50 DEMA and it is going to be crucial for the Bulls to gain more speed to breach and secure the zone. As the price currently is under the 50 DEMA and 200 DEMA, Bears are in control. RSI turns North as well. 

 First scenario: Price keeps pushing to secure its stay in the uptrend and we can go with it.

 Second scenario: Fundamentals and Sentiment go ham and the Buck attracts money again and the price turns south, testing the line and 1.4333 again. Moves under and confirmed for a new long-term downtrend and selling for EUR/USD.