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Technical analysis of EUR/USD for May 18-22, 2015

The technical analysis of EUR/USD pair:
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Overview:
  • Today,the key level for the EUR/USD pair has been set at 1.1466. This level is acting as strong resistance and it coincides with the ratio of 100% Fibonacci retracement levels in the H1 chart. Moreover, this level represents the double top in the same time frame. On the other hand, the second key level is likely to be set at 1.1348 (the weekly pivot point). Furthermore, the trend was very clear and was indicating a downward movement. Thus, we expect that the trend is going to call for a bearish market at the level of 1.1466, because sellers are asking for a high price. As a result, sell at the level of 1.1466 with the target at 1.1348. Also, it should be noted that the level of 1.1338 represents the weekly support 1.
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Observations:
  • Major support sets at the level of 1.1336.
  • Major resistance has been already placed at the level of 1.1466.
  • We expect a new range about 93 pips today.
  • If the trend is upward, then the strength of the currency will be defined as following: EUR is in the uptrend and USD is in the downtrend.
Uitgevoerd door, Analytische expert
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