2022-05-16 01:02:24
EUR/USD analysis, May 16, 2022
The euro reached a 5-year low of $1.0350 on Friday, as the European Union came under severe economic pressure, as the conflict between Russia and Ukraine deepened the energy crisis, increased inflation and slowed growth.
Meanwhile, higher-than-expected inflation numbers in the US have raised expectations that the Federal Reserve will tighten faster than other major central banks.
On the monthly candle chart, the EUR/USD currency pair could find support in the 1.0346/1.0451 area and start to recover.
On the hourly candle chart, the potential recovery would face resistance near 1.0420 from the 50-hour simple moving average. Afterwards, the 1.0482 level could act as resistance.
Follow the link to open a live account now and enjoy all our services for free
https://beinmarkets.com/live-account/
#EURUSD #Forex #ForexMarket #technicalanalysis #investing #trading
#economy
95 views22:02