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EURUSD Forex Analysis for May 15th 2019

EURUSD Forex Analysis for May 15th 2019
Wednesday, May 15th, 2019 @ 5:02 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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EURUSD Daily Chart Analysis

Trend is down in EURUSD daily chart. Price action is stepping down and Forex traders could easily notice that market is printing lower swing highs and lower swing lows. Key resistance level is present at 1.1323 price area, based on most recent swing high in daily chart of EURUSD. Based upon technical and fundamental analysis, price of EURUSD is most likely going to drop more now and currency traders should consider taking a possible sell trading chance to join down trend.

There was no major news announcement for the Euro, on Tuesday. As trend is still bearish, traders should consider only short trades. Technically; bearish trend could take price action towards next support target at 1.1100. However; a clear bullish break out in price action above 1.1323 critical resistance area will end the down trend. In such a market scenario, it would be best not to trade EURUSD and re-analyze the daily chart price action.

EURUSD Forex Analysis

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