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EUR/USD Trades Down From 2017 Highs

EUR/USD Trades Down From 2017 Highs

2017-05-18 13:30:00
Walker England, Forex Trading Instructor
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Talking Points:

The EUR/USD has now advanced 250 pips for this week’s trading, and is now trading off of its 2017 high at 1.1172. Technically, this bullish move is significant as it places the EUR/USD back above the key 1.1000 value. If prices continue to rally, traders will next look for the EUR/USD to test the November 2016 high at 1.1299.

Traders should note that the 10 day EMA (exponential moving average) for the EUR/USD is found at 1.1015. This line remains a value of support as the pair continues to trend higher. In the event of a price reversal, traders should first look for prices to breach this line. Further bearish declines may next expose 1.1000 as well as the standing May 2017 low at 1.0839.

EUR/USD Prices, Daily Chart with averages

EUR/USD Trades Down From 2017 Highs

(Created Using IG Charts)

Intraday analysis now has the EUR/USD turning lower in the short term. The pair is currently testing support found at today’s S1 pivot, found at 1.1105. A decline below this value may see the EUR/USD trading back below 1.1100 to then test other values of support. This includes both the S2 and S3 pivots, found at 1.1148 and 1.1015 respectfully. Traders should note that today’s S3 pivot lines up at the same point as the previously mentioned 10 day EMA. A breakout below this point should be seen as significant as it would suggest a change in the markets trend.

In the event that prices bounce above today’s S1 pivot, traders may look for bullish momentum to resume above today’s central pivot at 1.1138. A continued advance would then expose the previous high at 1.1172 as well as other points of resistance. This includes both the R1 and R2 pivots, found at 1.1194 and 1.1227 respectfully.

EUR/USD, 30 Minute Chart and Pivots

EUR/USD Trades Down From 2017 Highs

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

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