The EURUSD traded to its 55 day SMA today 2 days after breaking below the moving average. Short term structure is not clear but long term structure is extremely bearish against the 4/13 high of 1.34. Still, to keep the look ‘clean’, price ideally remains below 1.3086 in order to avoid any overlapping with former lows. As such, 1.3040 may remain intact.
