EURUSD Daily Forecast May 11 2018


EURUSD: Bearish Despite Recovery Attempts!

Recommendations: Short positions below 1.1945 levels with 1.1870 & 1.1837 as next targets.

Alternative scenario: The upside breakout of 1.1945 will extend recovery to the 1.1977/1.2025 levels.

Description: Outlook in EURUSD has turned neutral with a risk to the downside, resistance comes at the 1.1945 levels, above that level will extend recovery to the 1.1977 levels, a halt is likely but a break will aim the 1.2025 levels, further upside, resistance comes at the 1.2060 levels. On the downside, a failure to hold gains above the 1.1945 levels could mean a return to the 1.1870 levels ahead of the 1.1837 levels, a halt is likely and it may turn higher from here but a cut will restore the downside momentum and pave the way to the 1.1800/1.1737 levels. Conclusion: The EURUSD continues to face downside threats below the 1.1945 levels even in the case of a corrective recovery…