EUR/USD This Week
Shahriar Motevaselolhagh | May 22, 2022 12:59
EURUSD has been bearish for 50 weeks but there are some concerns now. There is a bearish Engulfing pattern in weekly DXY which is below the resistance line so we may see a little correction.
If you look at the EXY, you can also see a weekly bullish Engulfing candlestick pattern. EXY is at its low since 2017 and rebound from the last support line.
Although the trend is bearish, the commitment of traders report are kind of neutral and unemployment rate is better for US but there are other factors like inflation and GDP growth which are better for EUR while the EURUSD seasonality indicator is long in May too.
In the other hand the price touched the all time low since 2002 which is the bottom of 2016 and soared. This bullish move caused a very nice weekly bullish Engulfing candlestick pattern after 6 weeks of strong bearishness.
There are a tiny RSI and MacD bullish divergence too which is confirmed. It is very possible to see a little bullish move in the upcoming week. It is just my opinion shared here and are for educational/informational purposes only.
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