EURUSD Forex Analysis for May 24th 2019
Trend is up in EURUSD fifteen minutes chart. Key support level is present at 1.1172 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 1.1172. Thus, no change to the up trend environment as price action stays above 1.1172 support area, while its next main target located at 1.1190 price level which is a round number.
Based on technical and fundamental analysis, price of EURUSD is most likely going to rise more and currency traders should consider taking a possible buy trading chance to join an up trend. There was German Manufacturing PMI major news announcement for the Euro on Thursday which was bad for the US Dollar. However; a clear bearish break out in price action above 1.1172 critical support area will end the up 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-24th-2019
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