FOREX: Euro Eyes 1.1709 Fibonacci Support Before 1.1616: Major Support and Resistance 21.05.2018

21.05.2018 / 15:15

Rating:

EUR/USD -- Keeps trading heavy after relief rebound; closed
Friday below 55-weekly MA to offer another bearish signal; at
bar 6 on weekly DeMark buy setup, room for further losses; close
above 1.1896 neutralizes short-term sentiment
* 3rd resistance: 1.1870, conversion line
* 2nd resistance: 1.1854, May 16 high
* 1st resistance: 1.1822-23, May 9 low-18 high
* Spot: 1.1748
* 1st support: 1.1709, 38.2% Fibonacci retracement of gains
since January 2017
* 2nd support: 1.1616, May 2016 high
* 3rd support: 1.1554, Nov. 7 low

GBP/USD -- Cable closes below 233-DMA support, stays in
firm bearish mode in the medium term as 1.31 double-top target
remains in focus; at bar 6 on weekly DeMark buy setup; weekly
support levels nearby
* 3rd resistance: 1.3633, 21-DMA
* 2nd resistance: 1.3569-72, May 17-15 highs
* 1st resistance: 1.3487, 233-DMA
* Spot: 1.3435
* 1st support: 1.3408, 38.2% Fibonacci retracement of rally
since October 2016 flash crash
* 2nd support: 1.3402, 55-weekly MA
* 3rd support: 1.3399, pivot s3

USD/JPY -- Price action hasn’t moved that further away from
the cloud since early 2017; at bar 9 on both weekly and daily
DeMark sell set-up; nine-day RSI still to offer reversal signal
even as it moves above 80 level
* 3rd resistance: 113.39, Jan. 8 high
* 2nd resistance: 112.55, last Fibonacci retracement of drop
since Nov. 6
* 1st resistance: 111.48, Jan. 18 high
* Spot: 111.33
* 1st support: 110.61, May 18 low
* 2nd support: 110.45, May 15 high
* 3rd support: 110.08, May 17 low

AUD/USD -- Conflicting signals overall; on a monthly basis,
Aussie is set to complete a DeMark Buy Countdown while it forms
Friday a doji on the daily as downside loses traction
* 3rd resistance: 0.7621, April 24 high
* 2nd resistance: 0.7565-67, May 14-11 highs
* 1st resistance: 0.7527, 21-DMA
* Spot: 0.7520
* 1st support: 0.7489, May 18 low
* 2nd support: 0.7447-48, May 16-15 lows
* 3rd support: 0.7412, May 9 low

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: Euro Eyes 1.1709 Fibonacci Support Before 1.1616: Major Support and Resistance 21.05.2018

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