Technical Analysis for EURUSD for 12th May 2023
Euro Dropping, Double Tops Confirmed as USD Bulls Target $1.0730
Past Performance of EURUSD
Euro is under pressure and within a bearish formation, slipping below $1.0965. The downtrend is quickly taking shape, reading from the EURUSD candlestick arrangement in the daily stage. As long as prices are below the middle BB, traders can look to short, aiming at $1.0860 or lower in the short term.
EURUSD Technical Analysis
Euro bulls are fading, and USD buyers are taking control. The inability of euro buyers to reverse losses, preventing the bleed, gives determined sellers to press on. So far, prices are within a bearish formation as USD bulls target $1.0860 and $1.730 in the days ahead. Notice that bear bars are beginning to band along the lower BB, pointing to increasing momentum and volatility. This development also indicates that $1.1100 is the local peak, marking the double top.
What to Expect from EURUSD
The bear bar of May 11 was extended, meaning volatility is high. Moreover, USD bulls are taking charge, forcing prices lower from the middle BB. With this, the EURUSD pair is distributing after an impressive expansion in the last two months. Based on this, sellers can look for opportunities to short in the days ahead.
Resistance level to watch out for: $1.0965
Support level to watch out for: $1.0860
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.