The Uptrend Is Getting Exhausted in EUR/USD, As the Price Slipps Below the 50 SMA
EUR/USD has broken below the 50 SMA on the H1 chart today, which has been providing support recently
[[EUR/USD]] has been absolutely surging in the last two months. It made quite a climb higher after the crash in March, but then pulled back and consolidated below 1.10 until the last week of May, when the comments from EU leaders about a coronavirus recovery plan sent the Euro surging higher again.
EUR/USD climbed to 1.1420s until the middle of June and then consolidated again below 1.15. The uptrend resumed again this month and this pair surged around 600 pips from the bottom. On Monday, EUR/USD printed the high at 1.1782, which is the highest price since 2018.
Yesterday buyers had another attempt at the top side, but they couldn’t make new lows. Instead, the price returned back down from 1.1770, making a lower high, which was a sign that buyers were running out of steam for the time being. Today, the price has slipped below the 50 SMA (yellow) on the H4 chart, which is another sign that the upside might be over for now. he 50 SMA has ben providing support for more than a week, despite being pierced briefly, Although this time it seems like a proper break, o let’s see if the trend will change for EUR/USD.
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