You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for May 23, 2018
Intraday technical levels and trading recommendations for EUR/USD for May 23, 2018
May 23, 2018 10:23 amVideo
Latest News
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
- EUR/USD: trading tips for beginners for European session on May 3 May 3, 2024
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
- Trading plan for GBP/USD on May 3. Simple tips for beginners May 3, 2024
- Trading plan for EUR/USD on May 3. Simple tips for beginners May 3, 2024
- Forecast for EUR/USD on May 3, 2024 May 3, 2024
Daily Outlook
The EUR/USD pair had been trapped between the price levels of 1.2200 and 1.2500 until bearish breakout occured recently.
Significant signs of bearish reversal were manifested around the price level of 1.2400.This was manifested in the bearish engulfing daily candlestick of April 20.
The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.
Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.
As mentioned, the price zone (1.1850-1.1750) offered significant bullish rejection and a short-term bullish pullback for intraday traders.
However, a recent descending high was established around the price level of 1.1990 as the EUR/USD bulls failed to pursue towards higher bullish targets. This enhances the bearish scenario of the market.
If bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) will be needed to enhance further bearish decline towards 1.1400 (the previously mentioned monthly key-level).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: