Forex EUR/USD Daily Video, May 22, 2020

[Sive Morten]

Good morning,

EUR still stands in retracement mode and now we have more information on its possible shape:

 

[soul rebel]

Thanks for the update Sive
In absence of H&S appearing market has proceeded down to 10896 which is OP of AB-CD from the 11008 high. I am going long in this area based on the analysis that this area should provide support if our bullish view is to be confirmed.

 

[DaveT]

I'm long too now....

 

[Sive Morten]

Thanks for the update Sive
In absence of H&S appearing market has proceeded down to 10896 which is OP of AB-CD from the 11008 high. I am going long in this area based on the analysis that this area should provide support if our bullish view is to be confirmed.

Yes, market has changed the shape of retracement a bit as it stands straightforward. But it doesn't change the function of 1.0885 area. It has to provide support, otherwise bullish perspective becomes doubtful.