EURUSD tanks, loses 90 pips (-0.75%) within a single day
Euro/US Dollar (EURUSD) Technical Analysis Report for May 15, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EURUSD ended Tuesday at 1.1837 tanking 90 pips (-0.75%). This is the biggest single day loss in over a month. Today's closing price of 1.1837 marks the lowest close since December 18, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 1.1926, the market confirms its breakout through the previous session's low having traded 106 pips below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (EURUSD as at May 15, 2018):
Tuesday's trading range was 119 pips (1.0%), that's far above last trading month's daily average range of 85 pips. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.
After trading as low as 1.1820 during the day, the FX pair bounced off the key support level at 1.1822. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With three of the other Major FX Pairs closing higher and three closing lower today, the winners of the day are USDJPY surging 0.64% and USDCAD gaining 0.51%. On the flipside the worst performers have been NZDUSD closing -0.77% lower and AUDUSD losing -0.72%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDZAR surging 1.94% and CHFZAR closing 1.87% higher. The worst performers of the day have been ZARJPY tanking -1.27% and TRYJPY closing -1.11% lower. Read more