FX.co ★ EUR./USD analysis for May 16, 2019

Gold has been trading downwards in pat 8 hours. The price tested the level of 1.1172. We are still expecting more downside.

According to the H4 time-frame, we found that there is the breakout of the upward trendline (support) in the background, which is sign that there is change in trend dynamic from bullish to bearish. Additionally, we found successful re-test of the broken support at 1.1220, which is another sign of the weakness. Watch for selling opportunities on the rallies with the potential target at 1.1134.

Upward references are set:

Previous swing low became resistance – 1.1197

Daily swing high – 1.1224

Downward references are set:

Swing low – 1.1134