Euro / DollaroLong
EURUSD Long
Will the 40 MA provide the support and launch pad for another retest of 1.05.
In the recent pass it has provided both support and resistance and so with the price appearing to use it as support based on bullish 1 hour close it is worth thinking about. On the other hand the sell off from 1.05 was strong and bears are likely to be ready to push the price down again if a retest is likely. More immediate resistance is 1.0450 as can be seen with recent price action to the left. A reversal at 1.0450 could be a head and shoulders pattern on the current 1 hour time frame which is a bearish sign
In the recent pass it has provided both support and resistance and so with the price appearing to use it as support based on bullish 1 hour close it is worth thinking about. On the other hand the sell off from 1.05 was strong and bears are likely to be ready to push the price down again if a retest is likely. More immediate resistance is 1.0450 as can be seen with recent price action to the left. A reversal at 1.0450 could be a head and shoulders pattern on the current 1 hour time frame which is a bearish sign
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