EUR/USD: 16/05. Downtrend, ready sell?

16 May 2023

EURUSD EUR/USD probes the boundaries of the 1.0910 barrier amid further downside correction in greenback and general improvement in sentiment around risk-related universe.
Indeed, the pair picked up pace and further extended the rally from recent lows near 1.0855 despite sharp declines in US and German yields so far, while expectations of a temporary respite. stop the Fed normalization in June and raise interest rates further in June ECB for the next few months trending up.
EUR/USD extends weekly rally and adds to Monday's promising price action, always with an immediate target of 1.0910.
So far, the pair is up 0.17% at 1.0890 and a break through 1.1090 (weekly high April 26, 2023) will target 1.1110 (rounded high) on way to 1.1185 (weekly high March 21, 2022). Conversely, the next level of contention emerges at 1.0845 (monthly low May 15), followed by 1.0830 (monthly low April 10) and finally 1.0805 (100-day SMA).


SELL EUR/USD zone 1.08950 - 1.09200

Stoploss 1.09500
Take Profit 1: 1.08500
Take Profit 2: 1.08000

17 May 2023

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