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Old 25-05-2018, 05:17
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Technical Analysis: May 24, 2018

The euro had a significant decline during the Wednesday session and broke the area below 1.17. It seems that the market will proceed to lower, which could lead to the downfall of the euro. There are other problems with the European Union, as well as, Italian concerns.

The euro has broken lower as mentioned earlier and it seems that it goes down much lower. The major support level below would be the 1.15 level and will likely remain to be the goal. Short-term rallies could offer opportunities in selling this market against the greenback. The level of 1.1825 is slightly a ceiling although, it seems difficult to see a situation where there is a continuous short-term rally and lead to exhaustion later on.

If the pair breaks below the area of 1.15, the market could take out quite a bit of a value in there. I suggest to be careful about relying on the rally with a lot of negativity from the European Union as a whole. As the interest rates in the United States increases, it seems that greenback will gain more attention and have an effect on the forex market. There is a tendency for the market to look for the bottom as the euro declines importantly that could easily deceive new traders. The downtrend may be significant but it seems difficult to be sustained in longer-term and at least try to reach the level of 1.15.
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