EURUSD failing at 200-day MA?

Good evening traders,

I have a post on EURUSD for today. In my last post, I was leaning on the bullish side for EURUSD. I was looking at a potential breakout set-up to the long side. A convicing move did not materialise, instead the EUR/USD pair traded lower. Right now EURUSD is languishing just below the 200-day MA. Bollinger bands look like they are giving a breakout-after-a-constriction signal. Once again, a lack of conviction means I am not going to short EURUSD straightaway. A simple support level of 1.2650 can be found just below price now (in green). Indicators are giving me indication of a bullish convergence – gradual downside in price contrasted with rising values in indicators. I will be positioning myself well in the event the EURUSD takes off. If EURUSD continues to drop – which probably means Europe will be churning out bad news, and risky assets generally fall in tandem – then I am looking at nearest support around the 1.2400 region.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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