EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
EUR/USD once again turned lower
Information is not investment advice
The key currency pair met the resistance of the 50-day MA. This line stopped the advance of the pair in April and has once again provided an obstacle for bulls this week around 1.1245. In addition, EUR/USD was limited on the upside by the declining resistance line for many months already.
On H4, we can see that the pair fixed below the line connecting the lows of April and May in the area of 1.1180. As a result, it’s possible to expect the euro to return to these lows which are located in the 1.1135/20 area.
Fundamentally the euro is under pressure as Italian Deputy Prime Minister Matteo Salvini said that right-wing League party will “tear apart” European Union rules if it gets good results at European parliamentary election on May 23-26.
GBP/CHF formed a "bullish engulfing" candlestick on the W1. On smaller timeframes, we see a higher low that makes the price action resemble an “Inverse Head and Shoulders” pattern.
It’s simply the question of time before gold price gets to the higher levels…