The Uptrend Seems Over for EUR/USD, As MAs and Support Levels Get Broken - Forex News by FX Leaders
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The Uptrend Seems Over for EUR/USD, As MAs and Support Levels Get Broken

Posted Wednesday, September 23, 2020 by
Skerdian Meta • 1 min read

EUR/USD had a great time during May as it was surging higher and after a pause in June, the surge resumed in July again, pushing the price in this pair pretty close to 1.19. The pace of the increase slowed in August, but EUR/USD was still making gains, breaking above 1.20 on September 1.

That seems to have been the target for EUR/USD buyers and some stop hunting was going on, triggering weak stops just above 1.20. But, the price formed a strong upside-down hammer candlestick up there, which is a strong bearish reversing signal.

EUR/USD reversed back down, but the 20 SMA (grey) and the 50 SMA (yellow), as well as the support levels at 1.17 and 1.1750 were keeping this pair in limbo for several weeks. But, this week we saw a break of everything; moving averages were broken first and then the support levels. So, the bearish trend seems over now and we will try to sell retraces higher, probably at the MAs, which are standing at 1.18 now.

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About the author

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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