empty
 
 
23.05.2019 05:46 PM
May 23, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

On January 10th, the market initiated the depicted bearish channel around 1.1570.

Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.

This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where significant bearish rejection was demonstrated on April 15.

Short-term outlook turned to become bearish towards 1.1235 (78.6% Fibonacci) then 1.1175 (100% Fibonacci level).

For Intraday traders, the price zone around 1.1235 (78.6% Fibonacci) stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed on April 23.

On May 13, another bullish pullback was executed towards the mentioned price zone (1.1230-1.1250) where the current bearish movement was initiated.

Recently, the EURUSD pair has been trapped above the next key-zone (1.1175) until last Friday when a bearish breakout below 1.1175 was achieved.

Hence, further bearish decline should be expected towards 1.1115 provided that the price level of 1.1190 remains defended by the EURUSD bears.

Trade recommendations :

Conservative traders who were advised to have a SELL entry around the supply zone (1.1235-1.1250) should lower their S/L towards 1.1190 to secure more profits. Remaining Target level should be projected towards 1.1115.

Intraday traders can watch for a counter-trend BUY entry upon bullish breakout above 1.1180. T/P level to be located around 1.1240.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback