Weekly Forex Price Action Outlook | May 19 - 24

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EURUSD – Approaching the Yearly Lows
Selling off for 7 days straight, which is the longest stretch of the year, the Euro is fast approaching the yearly lows at 1.2744. You will notice on the daily chart below that every one of the 7 days of selling (save for the 4th) had significant wicks on the bottom, suggesting that although the pressure is down, the pair is having to fight through buyers along the way.

I suspect they will show up at the yearly lows and make a defense there, so bulls can look for price action signals at the yearly lows. Bears meanwhile can look for pullbacks to rejoin the trend, particularly watching the 20ema on the …

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