Following FOMC’s updates, the greenback has accelerated its drop while EU news provides extra fuel to boost EURUSD to the upside. Reviewing the pair from the weekly to hourly timeframe, its currently testing a major long-term resistance zone. The price structure and the Fibonacci 38.2% creates a strong confluence of levels. Additionally, the pair is currently moving above the 200 SMA though traders should wait for the weekly close.
Weekly Chart
Analyzing the daily, the price follows the 5 EMA amazingly well and traders could use it as a short-term guide. It’s clear that the pair is within the zone and there is a balance between bulls and bears. RSI(9) starts forming a potential negative divergence but not yet confirmed.
Daily Chart
Heading to the hourly, the pair is moving within the short-term rising channel however MACD is forming a major negative divergence which potentially indicates bullish exhaustion (even if temporarily).
Hourly Chart
Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on EURUSD.
In focus today (economic calendar):
Traders must really cautious as major events are expected later today and they are able to create significant volatility.
UnitedStates – Initial Jobless Claims (Jun 5)
Disclaimer
The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.