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Intraday forecastEuro / US Dollar technical chart
SymbolEURUSD
Release TimeMay 16, 2022 - 13:49
Advisesell (limit) below R1=1.047
Intraday
Short term
Yesterday range70
Yesterday high1.0419
Yesterday low1.0349
Yesterday close1.0408
R31.0565
R21.049
R11.047
S11.039
S21.035
S31.03
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.047.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.039.
TP4: S2=1.035.
Set the stoploss of these orders at breakout of R2=1.049.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.049.
In this situation, there is an expectation to reach the target R3=1.0565.
Set the stoploss of reverse orders at breakout of R1=1.047.

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