The 55-day moving average at 1.3476 has halted the bleeding but the patient is still in triage. After six consecutive days of losses, EUR/USD stalled at a low of 1.3480 and has held the low for 2.5 hours now.
Strong bids stretch from below the 55-dma to 1.3465 so I don’t see much scope for further declines before the weekend. A modest rebound to 1.3494 is underway and it wouldn’t be a surprise to see a further bounce as positions are squared heading into the weekend.
Then again, if the euro closes near the lows, it’s a terrible sign for next week.
EURUSD daily with 55dma
