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

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