Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Monday May 27 2024.
May 27, 2024 10:22 am
With the position of EMA 20 which is above EMA 50 on the 4 hour Fiber chart, it is clear that Buyers are still dominant in the main EUR/USD currency pair, however, the Stochastic Oscillator condition which is at the Oversold level also confirms that in the near future EUR/USD has the potential for a weakening correction to reach the level of the Bullish Fair Value Gap (Cyan) area. If the level of this area is able to withstand the weakening correction from EUR/USD and what is important is that it does not break below level 1,0808, then EUR/USD still has the potential to strengthen again to level 1,0859 as the target first and level 1.0886 as the next target to aim for.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
With the position of EMA 20 which is above EMA 50 on the 4 hour Fiber chart, it is clear that Buyers are still dominant in the main EUR/USD currency pair, however, the Stochastic Oscillator condition which is at the Oversold level also confirms that in the near future EUR/USD has the potential for a weakening correction to reach the level of the Bullish Fair Value Gap (Cyan) area. If the level of this area is able to withstand the weakening correction from EUR/USD and what is important is that it does not break below level 1,0808, then EUR/USD still has the potential to strengthen again to level 1,0859 as the target first and level 1.0886 as the next target to aim for.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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