EURUSD moves lower following yesterday’s bearish price action

By | May 14, 2020
InstaForex
EURUSD moves lower following yesterday's bearish price action

Relevance up to 08:00 2020-05-15 UTC–5

Yesterday I noted how EURUSD got rejected once again and the inability to recapture 1.0880-1.09 could lead price lower. Support was at 1.0845-1.0830 and failure to hold this level, would price below 1.08 as I explained yesterday.

analytics5ebd4b3e1c472.jpg

Red rectangle -resistance

Green rectangle – support

EURUSD is trading below 1.08 once again as expected. Price action showed vulnerability signs. Bulls were not strong enough to break resistance at 1.09. Now there is a big test ahead for bears. Will they be strong enough to break below the green support area? If yes then I expect to see EURUSD push towards 1.0650 and lower over the next few sessions.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

InstaForex