EURUSD Poised to Test 200DMA After 50DMA Rejection
US Markets are experiencing a technical bounce on Monday after last weeks Bullard spook/Fed hawkishness on Wednesday. EURUSD looks poised to test the 50DMA as early as today, but according to polarity principle, we should see a rejection if we do, and a continuation of the recent downtrend (toward the 200DMA around 1.157). At the same time, I expect the 50DMA on the S&P to hold up as resistance - inplying a risk off move into the close. Let's see what happens next...
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