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17.05.201800:27 Forex Analysis & Reviews: Trading plan for the US session on May 16 for the EUR/USD

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.

To open long positions on EURUSD, it is required:

Pressure on the euro persists. Buyers are trying to cling to the level of 1.1792, after the test which formed a divergence on the MACD indicator. However, it is best to consider long positions in the euro after updating the larger support area 1.1765 and 1.1742. Only consolidation at 1.1844 resistance in the second half of the day will allow talking about the corrective growth of the euro to the area of 1.1887 and 1.1929.

To open short positions on EURUSD, it is required:

The break of yesterday's lows led to the first support of 1.1792, but it is unlikely that the sellers of the euro will stop there. Trading at 1.1792 could cause a bigger decline in EUR/USD in the second half of the day, which will result to the update of supports 1.1765, 1.1742 and 1.1710, where it is recommended fixing the profit. In case of euro growth, selling can be after testing the resistance level of 1.1844.

Exchange Rates 17.05.2018 analysis

Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA
  • Bollinger Bands 20
Miroslaw Bawulski
Analytical expert of InstaForex
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