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20.05.201911:40 Forex Analysis & Reviews: Weekly technical review on EUR/USD and GBP/USD currency pairs from May 20 to 25, 2019

Long-term review
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.

Last week, both pairs moved down but due to different factors. The pair EUR/USD could not decide what to break through – the support line of 1.1132 (blue bold line) or the resistance line of 1.1267 (white bold line). The GBP/USD pair was rapidly moving down under the pressure of fundamental analysis.

EUR/USD pair.

Trend analysis (Fig. 1).

In the coming week, the price will move down with the first target of 1.1132 – support line (blue bold line) and further with a greater probability of working down with the target of 1.0902 – a pullback level of 76.4% (yellow dotted line).

Exchange Rates 20.05.2019 analysis

Fig. 2 (weekly schedule).

Indicator analysis on the weekly chart (Fig. 2).

Comprehensive analysis:

- Indicator analysis – down;

- Fibonacci levels – down;

- Volumes – down;

- Candle analysis – up;

- Trend analysis – down;

- Bollinger bands – down;

- Monthly schedule – down.

The conclusion from the comprehensive analysis is the downward movement.

The overall result of the calculation of the GBP/USD candle on the weekly chart: the price of the week is likely to have a downward trend with the presence of the first upper shadow of the weekly black candle (Monday – up) and the absence of the second lower shadow (Friday – down).

In the coming week, the price will move down with the first target - 1.2672 target level of 161.8% (yellow dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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