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15.05.201907:27 Forex Analysis & Reviews: Technical analysis of EUR/USD for 15/05/2019:

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.

Technical Market Overview:

The EUR/USD pair has moved higher towards the technical resistance located at the level of 1.1264 but failed to break through it and the market reversed after the Bearish Engulfing candlestick pattern was made. Only a sustained and impulsive breakout through the technical resistance zone located between the levels of 1.1264 - 1.1273 would change the outlook from bearish to bullish. Currently, it is very likely the price will go back towards the lower range of the consolidation, so the target for bears is seen at the level of 1.1176 - 1.1173 support zone.

Weekly Pivot Points:

WR3 - 1.1359

WR2 - 1.1302

WR1 - 1.1271

Weekly Pivot - 1.1201

WS1 - 1.1184

WS2 - 1.1129

WS3 - 1.1099

Trading Recommendations:

The market is moving inside of the trading range between the levels of 1.1264 - 1.1173, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.

Exchange Rates 15.05.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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