EUR/USD: plan for the European session on May 22, 2019, the Euro is preparing for a new wave of decline

To open long positions on EURUSD you need:

Volatility is very low, and, most likely, the pressure on the euro will continue. It is best to return to long positions after updating a large support level at 1.1143, provided that a false breakdown is formed there, or to rebound from a new low of 1.1112. The main goal of the bulls will be to consolidate above the resistance of 1.1166, where you can expect to form an upward correction with a return to a high of 1.1187, above which you can reach the resistance of 1.1205, where I recommend to lock in the profit.

To open short positions on EURUSD you need:

Sellers are required to return to a support of 1.1143, which will be the first signal to open short positions in EUR/USD based on maintaining the downward momentum and updating major support levels in the area of 1.1112 and 1.1079, where I recommend taking profits. If the euro rises in the first half of the day and consolidates above the resistance of 1.1166, it’s best to return to short positions after updating highs of 1.1187 and 1.1205.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates market equilibrium.

Bollinger bands

Volatility is very low, which does not provide signals for entering the market.

Description of indicators

  • MA (moving average) 50 days – yellow
  • MA (moving average) 30 days – green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EUR/USD: plan for the European session on May 22. The euro is preparing for a new wave of decline

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