EUR/USD pulls back on geopolitical risks, Fedspeak and German data
Technical Analysis: EUR/USD ping pongs with no clear direction
EUR/USD rose up to the 100-day SMA at 1.0874 on Thursday before reversing to close flat on the day.
In the process, a Gravestone Doji Japanese candlestick pattern was formed, with potentially bearish implications if followed by a red bearish candlestick on Friday.
The short-term trend is unclear with risks balanced. The 50-day SMA is providing cushioning support at 1.0827.
A decisive break above the Gravestone Doji candlestick high at 1.0876 would neutralize its bearish implications and solidify the case for a bullish short-term trend and indicate the probability of higher prices. The March 21 high at 1.0942, provides a potential next target.
Alternatively, if the downside continues, a pullback down to support at the previous wave B lows of 1.0798 is also quite possible.
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