Is the retrace over? - Forex News by FX Leaders

Is the retrace over?

Posted Thursday, May 26, 2016 by
Skerdian Meta • 1 min read

Yesterday EUR/USD had a go at the downside, breaking 1.1130 which was the previous day´s low. But it reversed back up and closed the day near the highs at 1.1160s. It has made another leg higher overnight reaching as high as 1.1190. The stochastic in the H4 chart is overbought and the price is right at the 20 MA so it looks like the retrace is over in the short term downtrend, therefore we are considering opening another sell forex signal. 

Will the 20 MA put a lid on this retrace? 

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