Looks Like This Is It For the Bullish Retrace in EUR/USD - Forex News by FX Leaders
EUR/USD is about to reverse down according to the daily chart

Looks Like This Is It For the Bullish Retrace in EUR/USD

Posted Tuesday, April 20, 2021 by
Skerdian Meta • 1 min read

EUR/USD was quite bullish during most of last year, as the USD kept declining since March, sending this apir around 15 cents higher to 1.2350s. But, the climb stopped up there in the first week of January this year and EUR/USD declined to 1.17 until the end of March.

This month though, the price reversed back up and climbed above 1.20, reaching 1.2080 today. But, the retace higher seems like might be over now, with the chart setup pointing to a bearish reversal soon, as most technical indicators show.

The stochastic indicator is severely overbought and is turning down now, while the 100 SMA (green) which has acted as resistance before providing support now on the daily chart. So, the retrace seems complete.

We opened a sell forex signal just below 1.20 in EUR/USD , hoping that the big round level would be enough for buyers, but they went after some weak stops above 1.20 and now the climb looks over. we’re holding on to our trade, since the US economy is booming while the Eurozone economy is still fragile.

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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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