The EUR/USD pair tried to rally, but the 50-day exponential moving average has again offered too much resistance for the buyers to continue pushing. Because of this, I believe that the market is going to pull back and start reaching towards the 1.05 level again. I have no interest in buying this market, I believe the longer-term downward pressure will continue as long as there are concerns about elections in the European Union, and of course the US dollar looks likely to be buoyed by interest rate hikes. With this, I continue to be bearish.
Written by FX Empire