- The EUR/USD is getting near the May 31st low, which will likely act as support.
- The Bears have done an excellent job with the selloff. However, it is becoming climactic and forming nested wedges. This will increase the odds of a rally back to the moving average.
- The daily chart may have to reach the May 31st low before the bulls can get a rally. If the market rallies just above the May 31st low, traders will question if the May 31st low was adequately tested.
- Overall, traders should expect a trading range to develop soon, even if the EURUSD has to test May 31st before forming the trading range.
EUR/USD Trades Near May 31 Low, Rally Back to MA in the Cards
