FX.co ★ Technical analysis of EURUSD for May 16, 2019

Bulls made another try today at the 1.1230 resistance but price got rejected again. EURUSD is now challenging 1.1170 support. Bulls need to act now otherwise we should expect a move towards 1.11 and lower. Trend remains bearish as long as price is below 1.1260.

Black line - trend line support

Blue rectangle - resistance

Red line - upper channel boundary resistance

EURUSD continues to make lower lows and lower highs. EURUSD is challenging important short-term support and could very well break it and move towards 1.11 and lower. Resistance is at 1,1230 and next at 1.1260. Price continues to trade inside the medium-term trend bearish channel. Trend remains bearish.