Technical Analysis of EUR/USD for May 16, 2023
May 16, 2023 8:25 amVideo
Latest News
- 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
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
Technical Market Outlook:
The EUR/USD has fallen out from the Falling Wedge pattern on the H4 time frame chart of EUR/USD and hit the local lows at the level of 1.0846. The local bounce from the lows is shallow and bulls want to test the intraday technical resistance located at 1.0910, which is the key short-term technical resistance as well. The momentum is weak and negative again on the H4 time frame chart, so the bears have the control of the market. Please notice, that the breakout continuation to the downside from the Falling Wedge pattern should be aggressive and dynamic with a target seen at the level of 1.08232 and 1.0789 and should resume as soon as the bounce is done.
Weekly Pivot Points:
WR3 – 1.09105
WR2 – 1.08862
WR1 – 1.08762
Weekly Pivot – 1.08619
WS1 – 1.08519
WS2 – 1.08376
WS3 – 1.08133
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: