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20.05.201906:28 Forex Analysis & Reviews: Forecast for EUR/USD on May 20, 2019

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EUR/USD

Last Friday, the euro continued to fall on expectations of an increase in opposition forces in the European Parliament after the elections of May 23-26. The price reached the first target of 1.1155 - the Fibonacci level 110.0%, and this morning it already overcame it with the intention to reach the second target of 1.1075 - the Fibonacci level 123.6%.

There are no technical reasons to prevent the euro from doing so. On the daily chart, the price has consolidated below the indicator lines of balance and MACD, the marlin oscillator is steadily declining in the negative zone.

On the four-hour chart, the indicators also do not serve the scale of reversal signs, the downward trend is steady. In the event of overcoming the target level of 1.1075, the next target opens before the price – 1.0985 – the Fibonacci reaction level of 138.2%.

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