Technical Analysis for EURUSD for 18th May 2023
Euro is Selling Off; Will Prices Drop to March 2023 Lows?
Past Performance of EURUSD
The euro remains under intense selling pressure and is in a bear formation. USD bulls seem to be getting started, looking at the rapidity of the recent sell-off. From the daily chart, the immediate resistance level is at $1.0940 as sellers press on, targeting $1.0730 and $1.0500.
EURUSD Technical Analysis
The sell-off continues, and USD bulls appear unrelenting. With the sell bars banding along the lower BB, price action suggests that bears have the upper hand with increasing momentum. As such, there could be unloading opportunities in lower time frames, provided prices are trending below $1.0940. At this pace, the euro may drop even below $1.0730, especially if prices easily slip below yesterday’s lows at around $1.0810.
What to Expect from EURUSD
Sellers are in the driving seat, and the euro is being dumped. From the weekly chart, there appears to be more legroom for bears to press on. There is a three-bar formation with last week’s bar bearish, swinging price action to favor aggressive sellers.
Resistance level to watch out for: $1.0940
Support level to watch out for: $1.0810
Disclaimer: Opinions expressed are not investment advice. Do your research.
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