MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Intraday technical levels and trading recommendations for EUR/USD for May 21, 2015

eurmonth.png

The market was pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The EUR/USD pair lost almost 1,500 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.

In the long term, bearish breakdown of the monthly demand level at 1.0550 should not be excluded as the long-term breakout target is roughly projected towards the level of 0.9450.

Meanwhile, a further bearish decline can be hindered for a few weeks.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1600 is highly probable especially if intraday demand zone (1.1150-1.1100) remains defended by bulls.

1432219293_eurdaily.png

The obvious bearish breakout of the weekly demand level at 1.1100 allowed the market to fall dramatically shortly afterwards.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

This applied strong bullish pressure to the key zone at (1.1150-1.1050). That is why bears failed to pause the ongoing bullish momentum of the EUR/USD pair.

Further bullish advancement was enhanced by the multiple daily closures above the levels of 1.1150 and 1.1250 until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).

This week, bearish pullback is taking place towards 1.1150 -1.1050 where a valid buy entry can be offered.

On the other hand, the current daily candlestick should be monitored by the end of the day, as a daily fixation below 1.1040 hinders further bullish advancement.

If so, initial bearish target would be located at 1.0900.

The material has been provided by InstaForex Company - www.instaforex.com