the daily chartist

EUR/USD recap for 22.05.2018

published 2 years ago
EUR/USD daily

EUR/USD is still going down as political insecurity in Italy and strong dollar remains bias and continues to puts a pressure on the pair. Price opened Yesterday at 1.17883, made an attempt to move above 1.18225, reaching a high at 1.18294. There the price failed as Bulls were not able to breach and find a close above that for a possible correction. The price moved lower to 1.17563, moving away from 1.18000 and made a close at 1.17776. The figure from 21.22.05 didn't prove anything regarding my previous statement for a possible small reversal and the price now is moving lower towards 1.17157 (12.12.2017 handle, again). Further tests of that level will be decisive for the future direction of the pair. Yesterday we didn't had much economic news as well. Today's events and news will have an impact to the price, which will be recapped tomorrow. 
 For now the direction is for sure to go South and the movement starts gaining some acceleration as well. I would suggest playing with the trend and shorting the pair. Careful though as it seems that on the small timeframes the pair makes sharp  spikes up to clear Stop Losses and to squeeze more longs. Watch out for Bull traps.