EURUSD Forex Analysis for May 23rd 2019
Trend is down in EURUSD fifteen minutes chart. Key resistance level is present at 1.1187 price area, based on most recent swing high in 15 minutes time frame of EURUSD. EURUSD did show weak bearish move in the previous session and it remains stable below 1.1187.Thus, no change to the down trend environment as price action stays below 1.1187 resistance area, while its next main target located at 1.1140 price level which is a round number.
Based on technical and fundamental analysis, price of EURUSD is most likely going to drop more and currency traders should consider taking a possible sell trading chance to join down trend. There was FOMC Meeting Minutes major news announcement for the Euro on Wednesday which was bad for the US Dollar. However; a clear bullish break out in price action above 1.1187 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.
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