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EUR/USD – Sharp Pullback Challenges Bearish Scenario
EUR/USD price action has been very bearish, and did break below 1.30, but stayed above the 1.2970 support pivot. However, it immediately pulled back. In the 1H chart, we see that momentum is not bearish but at least sideways if not bullish. Price action pushed back above the 200 hour simple moving average and after testing the 200H SMA, the EUR/USD is in a sling shot to the upside. This is a strong bullish price action signal along with the fact that it has pushed above 61.8% retracement of the 1.3210-1.2991 swing. There is a bearish divergence with the RSI. If a decline does follow through in the 4/17 US session, we ... (full story)
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