EURUSD Forex Analysis for May 29th 2019
Trend is down in EURUSD fifteen minutes chart. Key resistance level is present at 1.1197 price area, based on most recent swing low in 15 minutes time frame of EURUSD. EURUSD show strong bullish move in the previous session and it remains stable above 1.1197. Thus, no change to the down trend environment as price action stays below 1.1197 resistance area, while its next main target located at 1.1150 price level which is a round number.
Based on technical and fundamental analysis, price of EURUSD is most likely going to drop more and currency traders should consider taking a possible sell trading chance to join the down trend. There was no major news announcement for the Euro on Tuesday. However; a clear bullish break out in price action above 1.1197 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 15 minutes chart price action.
Source: https://fxinstructor.com/blog/eurusd-forex-analysis-for-may-29th-2019
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