Technical Analysis of EUR/USD for May 15, 2020:

Technical Analysis of EUR/USD for May 15, 2020:

Technical Analysis of EUR/USD for May 15, 2020: Technical Market Outlook: After the rejection from the level of 50% Fibonacci located at 1.0892 due to a Bearish Engulfing candlestick pattern that was made at the end of the wave up, the EUR/USD pair has been seen moving slowly lower day by day. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn’t made a new local high yet, so the next target for them is still seen at the level of 61% Fibonacci retracement at 1.0921. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum remains neutral, but might turn negative any time now.

Weekly Pivot Points:

WR3 – 1.1136

WR2 – 1.1058

WR1 – 1.0936

Weekly Pivot – 1.0853

WS1 – 1.0718 WS2 – 1.0627

WS3 – 1.0520

Trading Recommendations:

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