-
Morning technical analysis – 28 May 2014
The euro is continuing to look weak against the dollar in the medium term having recently broken below the neckline of the double top. However, before we see any further sell-off, we may see a bit of a correction in the pair, with the neckline potentially being tested as a new level of resistance. The most recent lows in price action have not come alongside similar lows in the stochastic causing a positive divergence. While I don’t expect this to prompt a significant push higher, it would suggest the recent sell-off has lost momentum and traders may now wait for a more attractive entry, which the neckline around ... (full story)