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On Tuesday, the market for both currencies moved in the side channels, and this is the merit of fundamental analysis. The pair GBP / USD has fulfilled the rollback upwards of 14.6% - 1.2756 (yellow dotted line) and then continued to move downwards. On the other hand, the EUR / USD tested the support line - 1.1146 (blue thin line) once again. However, the news drove the price upwards again. On Wednesday, strong calendar news come out at 8.30 14.30 and 18.00 Universal time.

EUR / USD pair

Trend analysis (Fig. 1).

Today, the price after testing the support line 1.1146 (blue dotted line), can continue to move downwards with the target of 1.1125 - the lower boundary of the Bollinger Line indicator (black dotted line) and move further downwards with the target of 1.1112 - lower fractal.

Exchange Rates 22.05.2019 analysis

Fig. 2 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - down;

- weekly schedule - down.

General conclusion:

On Wednesday, we are waiting for the continuation of the downward movement. The first lower target of 1.2662 is the pullback level of 76.4% (blue dashed line) and further down to the lower boundary of the indicator "Bollinger lines" (black dashed line) - 1.2616.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2019
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