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23.05.201906:58 Forex Analysis & Reviews: Trading plan for EURUSD for May 23, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 23.05.2019 analysis

Technical outlook;

There has been no significant change in price movement within 24 hours. The EUR/USD pair is stalling ahead of its interim support at 1.1111 levels. This pair needs to come to its selling pressure. Hence, we are more inclined towards a contrarian trading direction in the short term. Until prices remain above 1.1111 levels, bulls are expected to remain in control and push prices higher towards 1.1320 levels before reversing lower again. Structurally, an A-B-C counter trend rally is what could be expected as presented here. A flat wave B could be in the making and once a low is in place ahead of 1.1111 levels, prices should rally to produce wave C, towards 1.1320 levels respectively. Also note, fibonacci price convergence is seen around the 1.1320 levels, and we can expect a bearish reaction around those levels. At the same time, we maintain that the above setup remains aggressive, hence conservative traders might want to remain flat.

Trading plan:

Remain long, stop at 1.1111, target is 1.1320.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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