xN1CMx
N1CM Representative
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EURUSD Technical Analysis, May 15th, 2023
The negative trend that kicked off from 1.1030 to regress to 1.0840 is still prevalent.
Today, industrial production data from the Euro Zone showed a contraction of 4.1%, above the expectation of 2.5%, giving a weak signal for the economy. In the US, on the other hand, we see that the economy is doing rather well comparatively.
The technical outlook continues to be negative. As long as it remains below 1.0940, the direction will be down and possible upswings may continue to provide selling opportunities. If 1.0840 is broken in the declines, we expect the pressure to increase.
For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.
The negative trend that kicked off from 1.1030 to regress to 1.0840 is still prevalent.
Today, industrial production data from the Euro Zone showed a contraction of 4.1%, above the expectation of 2.5%, giving a weak signal for the economy. In the US, on the other hand, we see that the economy is doing rather well comparatively.
The technical outlook continues to be negative. As long as it remains below 1.0940, the direction will be down and possible upswings may continue to provide selling opportunities. If 1.0840 is broken in the declines, we expect the pressure to increase.
For more daily technical analysis on Gold, FX pairs and Indices, join us on our Telegram channel here.