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EURUSD charts inverted hammer

Written by By Russell Shor, CFTe, MFTA | 2018-05-15 10:24:41 GMT

The EURUSD’s EMAs are in bearish formation. The green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. The RSI(9) is below 50 and indicative of an underlying bearish current (blue rectangle). Yesterday price tested the orange 13-day EMA, which subsequently held. As a result, a bearish inverted hammer was charted (green arrow). I.e. a day where bulls bid prices up to the high for the period and then subsequently lost controls to the bears. The candle closed down for the day. EU CPI data will be released tomorrow 9:00am GMT. This is a key metric that the ECB focuses on in determining monetary policy. The forecast is 1.2% and a miss could see further weakness in the single currency.

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By Russell Shor, CFTe, MFTA

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