The EURUSD hits the positive target – Analysis - 18-05-2022

Economies.com
2022-05-18 04:20AM UTC

The EURUSD pair managed to achieve our waited target at 1.0525, noticing that the rise stopped at 23.6% Fibonacci correction level for the decline measured from 1.1185 to 1.0354, to start providing bearish rebound signals now, supported by stochastic negativity.

 

Therefore, we expect to witness bearish bias in the upcoming sessions, and the targets begin by breaking 1.0480 to confirm the return to the main bearish channel and head towards 1.0350 areas again, taking into consideration that breaching 1.0550 will lead the price to achieve additional bullish correction that its next target reaches 1.0670.

 

The expected trading range for today is between 1.0450 support and 1.0600 resistance.

 

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The expected trend for today: Bearish

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