Technical analysis

EURUSD Wave Analysis – 17 May, 2019

EURUSD Wave Analysis – 17 May, 2019
  • EURUSD reversed from resistance area
  • Further losses are likely

EURUSD recently reversed down from the resistance area lying between the resistance level 1.1260 (top of the previous Shooting Star from the start of May) and the upper daily Bollinger Band.

This support area was further strengthened by the resistance trendline from last October and by the 38.2% Fibonacci correction of the previous downward impulse from March.

EURUSD is expected to fall further and retest the next support level 1.1100 (monthly low from the end of April).

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