We Cleared the Table this Morning and Got the Pips

Yesterday EUR/USD made a few attempts to reverse the downtrend of the last few days but I noticed that the attempts were really weak. Every attempt to push higher was met by sellers at the moving averages on the hourly forex chart.

The 100 SMA (red) has finally been broken

As you can see from the hourly EUR/USD chart above, the sellers had an easy time killing every pullback higher. They came in at the 100 SMA (green) first, then they build their barriers at the 50 SMA (yellow) as this moving average caught up with the price.

This was a sign that the market sentiment had changed for EUR/USD. Last week, the pressure was on the downside as the retraces lower were met by heavy buying demand. Now, the pressure has shifted to the downside.    

We missed the first chance to sell this forex pair in the morning when the price was having trouble at the 100 SMA. But, we didn’t miss the second chance and opened a sell forex signal at the 50 SMA. In the last couple of hours, the sellers returned and this forex pair slipped past our take profit level. Now, the forex signals table is clear as all our forex signals closed in profit. So, we got our pips, now let’s see what forex trades are out there. 

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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