FX.co ★ EUR./USD analysis for May 20, 2019

EUR/USD has been trading downwards as we expected. Anyway, we expect potential rally on the EUR.

According to the H1 time-frame, we found that there is the breakout of the downward supply trendline, which is sign of the potential rally. We also found a rejection of the 20EMA at 1.1161, which is signal of the increase in demand for the EUR. Watch for potential buying opportunities with the targets at 1.1179 and 1.1182.

Upward references are set:

Swing high – 1.1180

Swing low acting like resistance – 1.1182

Downward references are set at:

Intraday swing low – 1.1156

Swing low – 1.1150