EUR/USD Outlook for May 24, 2023
May 24, 2023 2:23 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
As of writing, EUR/USD was trading near the level of 1.0763, moving within the long-term zone below key resistance levels 1.0960 (144 EMA on the weekly chart), 1.1070 (200 EMA on the weekly chart) and the short-term zone below resistance levels 1.0894 (200 EMA on the 4H chart), 1.0833 (200 EMA on the 1H chart).
There is currently nothing holding the pair back from falling towards the zone of key support levels at 1.0720 (144 EMA on the daily chart), 1.0700, 1.0685 (200 EMA on the daily chart), which also separate the medium-term bullish market from the bearish one.
A breadown of today’s low at 1.0747 could serve as a signal to open and increase short positions, with targets at the support levels of 1.0720, 1.0700, 1.0685.
A breakdown of the local support level at 1.0520 would ultimately bring EUR/USD back into the zone of the global bearish market.
In an alternative scenario, EUR/USD may resume its rise. The “fastest” signal to enter long positions, in this case, would be a breakout of resistance level at 1.0786 (200 EMA on the 15-minute chart) and today’s high at 1.0795, with confirmation from a breakout of resistance levels 1.0865 (50 EMA on the daily chart), 1.0894.
If the pair consolidates within this zone, the targets for growth will be the resistance levels at 1.0960, 1.1000. However, for a definitive breakthrough into the long-term bullish market zone, the pair would need a confirmed breakout of the 1.1070 resistance level.
In the event of a successful development of this scenario for the pair, the target for growth will be the 1.1600 resistance level (200 EMA and 144 EMA on the monthly chart), which separates the global bullish trend from the bearish one.
In the current situation, short positions still appear to be preferable.
Support levels:1.0720, 1.0700, 1.0680, 1.0600, 1.0520
Resistance levels: 1.0786 1.0795 1.0833 1.0865 1.0894 1.0960 1.1000 1.1070 1.1090 1.1125 1.1200 1.1300 1.1400 1.1500 1.16 00
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: