FOREX: EURUSD finds support around 1.1554 ; Major Support and Resistance 29.05.2018

29.05.2018 / 15:12

Rating:

EUR/USD -- Pair keeps trading heavy, is completing an ABC
correction of a 17-month move; close above 1.1786 neutralizes
short-term sentiment; has completed a DeMark buy setup on the
daily, just a bar away from a buy countdown series; at bar 7 on
weekly buy setup; monthly close below 1.1765 may signal rally
since 2017 is over
* 3rd resistance: 1.1723, conversion line
* 2nd resistance: 1.1699, pivot r1
* 1st resistance: 1.1676, May 23 low
* Spot: 1.1628
* 1st support: 1.1608, May 28 low
* 2nd support: 1.1579, pivot s1
* 3rd support: 1.1554, Nov. 7 low

GBP/USD -- Cable stays in firm bearish mode in the medium
term as 1.31 double-top target remains in play; completes a
daily DeMark buy setup, and may form Tuesday a tweezer bottom,
signs of a correction higher
* 3rd resistance: 1.3479, 21-DMA
* 2nd resistance: 1.3422, May 24 high
* 1st resistance: 1.3341, May 28 high
* Spot: 1.3314
* 1st support: 1.3297, session low
* 2nd support: 1.3272, pivot s2
* 3rd support: 1.3221, Nov. 28 low

USD/JPY -- Enters bearish short-term trend according to
Bloomberg Trender Indicator; in a short-term pullback serving as
a healthy correction; risk of deeper losses as DeMark sell setup
completed on the weekly
* 3rd resistance: 110.16, conversion line
* 2nd resistance: 109.80, 21-DMA
* 1st resistance: 109.47, session high
* Spot: 109.01
* 1st support: 108.65, May 4 low
* 2nd support: 108.31, pivot s2
* 3rd support: 108.07, 55-DMA

AUD/USD -- On a monthly basis, Aussie is set to complete a
DeMark Buy Countdown; bulls take comfort in 21-DMA support as
slight upside bias remains intact on closes above 0.7472
* 3rd resistance: 0.7632, 55-DMA
* 2nd resistance: 0.7613, midpoint of losses since April 19
* 1st resistance: 0.7605, May 22 high
* Spot: 0.7538
* 1st support: 0.7516, session low
* 2nd support: 0.7489, May 18 low
* 3rd support: 0.7447-48, May 16-15 lows

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: EURUSD finds support around 1.1554 ; Major Support and Resistance 29.05.2018

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