Euro/Dollar forecast for today: EURUSD analysis  16.05.2022

The short-term euro downtrend continues. On Friday, traders tested the Gold Zone 1.0353 – 1.0344, but failed to break it out. As a result, the price corrected and tested the Additional Zone 1.0402 – 1.0397. The AZ serves as a strong resistance level, in which it is profitable to enter new sales with a target at Friday’s low. If Friday’s low is updated, then the Gold Zone will be broken out, and the price will be consolidated lower with a high probability.

In the case of the Gold Zone breakout and price consolidation below, the next target for sales will be the Target Zone 1.0257 – 1.0238.

To reverse the trend and enter purchases, traders need to break out level 1.0455 and consolidate the price higher.

EURUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1.0402 – 1.0397.
    TakeProfit: 1.0353.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 1.0455 – 1.0445.
    TakeProfit: 1.0353.
    StopLoss: according to the pattern rules.

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