18 May EURUSD Technical Analysis: EUR regains some traction


The EURUSD pair is gaining slightly from the previous close of 1.1800 USD. What can traders expect next? Gain insight into today’s 18 May EURUSD Technical Analysis.

18 May, GKFX – After four consecutive daily pullbacks, the pair is now posting decent gains while at the same time retaking 1.1800 the figure amidst some weakness around the buck and declining US 10-year yields.

EUR/USD attention to data, USD

In fact, and tracked by the US Dollar Index (DXY), the greenback has retreated to the 93.45/40 band, tracking the retracement in yields of the US 10-year reference from recent multi-year tops beyond the 3.12% level.

Data wise in Euroland today, Current Account figures and Trade Balance results in the euro area are next of relevance. Earlier, German Producer Prices rose at an annualized 2.0% and 0.5% inter-month during April, both prints coming in above estimates.

Across the pond, FOMC’s L.Brainard and R.Kaplan are due to speak in an otherwise empty docket.

18 May EURUSD Technical Analysis

At the moment, the pair is gaining 0.15% at 1.1813 facing the next resistance at 1.1867 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma). On the downside, a breakdown of 1.1762 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017).

Disclaimer

This article 18 May EURUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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