Technical Analysis for EURUSD for 15th May 2023

Technical Analysis for EURUSD for 15th May 2023

Euro Collapsing, USD Bulls Target $1.0730

Past Performance of EURUSD

The euro is disintegrating following the events of last week. With the path defined, sellers can continue looking for entries to unload as they press on, targeting $1.0730. The middle BB caps the upside as a floating resistance level, while $1.100 is a fixed reaction line that must be broken for buyers to push higher.

EURUSD Technical Analysis

Presently, sellers have the upper hand, which will be the case, provided prices are banding along the lower BB. Notice that May 12’s bar had no lower wick suggesting that the liquidation pressure was strong. This could spill to this week. In that case, local resistance will be at $1.0940, or around May 12’s high. Any drop below 1.0850 may trigger even more sell-off, allowing sellers to double down in lower time frames.

What to Expect from EURUSD

The downtrend is in motion after gains from March. In a breakout formation, prices are dropping, with above-average volumes pointing to participation. For this to change, there must be wide-ranging wicks reversing recent losses.


Resistance level to watch out for: $1.0940

Support level to watch out for: $1.0730


Disclaimer: Opinions expressed are not investment advice. Do your research.

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