Technical analysis of EUR/USD 05/18/2023
The EUR/USD currency pair on (1D) found resistance at the level of 1.1100 and started a downward correction. At the moment the price is consolidating around 1.0765 (MA100).
The technical picture suggests a continuation of the downward correction with the nearest target in the zone of 1.0735 (23.6% Fib).
In favor of the development of a downward correction, the price breaks through the lower line of the uptrend and the divergence on the RSI indicator.
The following support levels:
1.0500 (38.2% Fib);
1.0320 (50% Fib);
1.0140 (61.8% Fib)
The signal to cancel the option to continue the downward correction will be the growth of quotes above 1.1100.
Created by Joshua Hayn