EUR/USD Weekly Forecast - 21 May - 25 May

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Saturday, May 19 2018

EUR/USD Weekly Forecast - 21 May - 25 May

Notes: EUR/USD broke below confluence slope support last month with the decline breaking below the yearly opening range lows at 1.1916. Price is now approaching confluence support around 1.1709/45 where the 38.2% retracement of the late-2016 advance converges on a parallel of the dominant slope extending of the November low (red). Ultimately the outlook remains weighted to the downside while below the yearly open but IF Euro is going to rebound (at least in the short-term) this would be a good spot.

Bottom line: The immediate EUR/USD decline is at risk heading into the 1.17-handle. Initial resistance stands back at 1.1916 with a breach above the yearly open at 1.2005 needed to alleviate further downside pressure. That said, a break lower from here would target subsequent support objectives a 1.1616 where the 2016 high converges on the median-line. From a trading standpoint, this would be a good spot to reduce any short-exposure - we would need to see some convincing near-term price action before attempting a recovery play. Watch the weekly close.

More in this category: « GBP/USD Weekly Forecast - 21 May - 25 May AUD/USD Weekly Forecast - 28 May - 1 June »

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