EURUSD Forex Analysis for May 20th 2019

Trend is down in EURUSD fifteen minutes chart. Price action is stepping down and Forex traders could easily notice that market is printing lower swing highs and lower swing lows. Key resistance level is present at 1.1178 price area, based on most recent swing high in 15 minutes time frame of EURUSD. Based upon technical and fundamental analysis, price of EURUSD is most likely going to drop more now and currency traders should consider taking a possible sell trading chance to join down trend.

There was no major news announcement for the Euro on Friday. As trend is still bearish, traders should consider only short trades. Technically; bearish trend could take price action towards next support target at 1.1150. However; a clear bullish break out in price action above 1.1178 critical resistance area will end the down trend. In such a market scenario, it would be best not to trade EURUSD and re-analyze the 15 minutes chart price action.