it's real fake out
EUR/USD Technicals – Bullish Breakout or Fakeout?
Looking at short-term chart since 17th April, one can easily draw the conclusion that EUR/USD is in a firm downtrend below 1.32. Bulls were mostly kept at bay below 1.3025 resistance (previous support from April 18 – 23rd) and a test on the aforementioned ceiling was made during London hours, with bears quickly put the uprising to rest, sending price lower. US session opened with more good news for bears, as Durable Goods Orders unexpectedly fell -5.7% M/M, dragging EUR/USD further down towards the current floor of 1.2975. That was the golden opportunity for EUR/USD bears to go for the jugular. The setup was ... (full story)