Potential Cup and Handle Formation on EURUSD

30 May 2020Price is reaching a previous high and has passed the 1.1000 demand and resistance level. Over the next few days EURUSD may trend downward to test that previous resistance as support. Stochastic shows overbought on the daily for the initial downward movement to form the handle. The 8EMA has crossed the 20 and 50 Simple Moving Average to depict a possible trend change. This formation could take almost another month to 2 months to play out so keep it in mind for the future.