FX.co ★ Technical analysis for EURUSD for May 22, 2019

EURUSD bulls tried to push prices higher but they were stopped by stronger sellers. Price has produced to upper candlestick tails depicting the inability of bulls to reach 1.12 and the strength of sellers pushing price lower each time rose towards 1.1180-1.1190.

Red rectangle- support area

Green rectangle - selling pressure

In previous posts I said that I was expecting prices to bounce towards 1.12-1.1230. Price made a small move higher but sellers intercepted and pushed price back down towards 1.1150. EURUSD is trading on major support zone. Breaking below this red zone will imply that a move towards 1.10 is following. Resistance remains at the red trend line resistance at 1.1230-1.1240. Previous high at 1.1260 remains key reversal level.