The EUR/USD pair has attracted some significant offers around 1.0400 in the Tokyo session amid a rebound in the positive market sentiment. A recovery in the asset is observed after a sheer downside move from Thursday’s high at 1.0774. The pair has turned sideways in a range of 1.0397-1.0418 from the last two trading sessions.
The formation of an Inverted Flag chart pattern on an hourly scale is indicating a consolidation phase after a sheer downside move, which will be followed by a fresh leg of selling in the counter. Usually, a consolidation phase denotes inventory distribution by the initiative sellers, who enter an auction after an establishment of a bearish bias.
The greenback bulls have confidently defended the 50-period Exponential Moving Average (EMA) at 1.0485, which adds to the downside filters.
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The EUR/USD pair has attracted some significant offers around 1.0400 in the Tokyo session amid a rebound in the positive market sentiment. The pair has turned sideways in a range of 1.0397-1.0418 from the last two trading sessions.
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