EUR/USD Classical 05.28
EUR/USD – Below 1.2145 exposes psychological barriers at 1.2000 further down. Ultimately, only back above 1.3100 would negate bearish outlook and give reason for pause. However, the latest break back above 1.2400 and bullish outside day formation on Thursday opens the door for a potential double bottom, with a neckline by 1.2670. If triggered, the double bottom would directly expose critical resistance by 1.3100 further up. As such, for now, we remain sidelined and will wait to see how things play out.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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