FxPro Financial Services Ltd | Jun 08, 2021 08:34AM ET
The dollar's retreat in the currency market cannot gain traction, making us question whether we will see a breakout of key support levels for the dollar. The hesitations of bears and a seasonal slowdown in trading activity may lead to a new growth impulse that will have to wait many months.
The well-known motto "sell in May and go away" is often falsely interpreted as a warning against sagging markets. History tells us that trading activity, and the determination of players to storm new extremes, start to fall noticeably in May.
The described pattern is only a possible development, and it is worthwhile to look for a EUR/USD movement near the signal lines. And while EUR/USD could stay above the 50-day MA, sticking to the uptrend, we may see further 'buying the deep' pattern, which is in place since April.
The FxPro Analyst Team
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.