USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/USD has breached support
Information is not investment advice
EUR/USD had been testing the support line connecting March and April lows. On Thursday, the pair slipped below this line. The following retest of 1.0880 provided resistance and made the price turn down. Currently we are witnessing a kind of a “Falling three” pattern on the H4 chart. A close below 1.0815 will open the way down. The first target will be at 1.0770 (April 6 low). Still, as the move will confirm a break down below the triangle, we may see a deeper move down, to 1.0700/1.0650. The technical picture will improve only if EUR/USD manages to return above 1.0880.
Trade idea for EUR/USD
SELL 1.0805; TP 1.0770; SL 1.0820
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.