Buying EUR/USD At Support
Skerdian Meta • 1 min read
EUR/USD has been surging throughout May. However, it consolidated during the begining of June and this week the forex pair has been sliding downward.
Whether this is the continuation of the two-year downtrend or just a pullback from this year's smaller uptrend remains to be seen, but buyers are having some trouble.
That said, the sellers are not having an easy time either, they don't look confident at all. They have been pushing down, albeit very slowly.
Last Thursday and Friday, the downward move had some momentum from the hawkish FOMC statement, but yesterday and today the move has slowed terribly.
So, this latest downtrend is losing steam and that means that the buyers are losing confidence. Besides, the 1.1140-50 level has been providing support, so that's the reason we just opened our buy forex signal in EUR/USD.