USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/USD: a temporary bottom
Information is not investment advice
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835). The correction to the upside may take the euro to 1.0910/1.0937 (100- and 50-period MAs).
On the H1, the pair’s trying to get above the 100-hour MA at 1.0857. The successful advance above this line is needed to trigger the mentioned bullish move. Support lies at 1.0854 and 1.0805. The slide below the latter, will open the way back down to 1.0770.
Trade idea for EUR/USD
BUY 1.0865; TP 1.0910; SL 1.0850
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Has the US dollar lost a top position forever?
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.