Weekly Forex Market Update & Key Levels May 18 – 22nd

WEEKLY FOREX UPDATE

EURUSD – The Euro is fast approaching the resistance zone we mentioned in last week’s Forex market update. Look for possible short trade setups at that price level. However, I would proceed with caution as the Euro has been quite bullish for the past 2 weeks.

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AUDUSD – Has reached an important trading zone and actually broke out of the resistance price level we mentioned last week. Price could remain in this trading zone for awhile as we are slowly entering the summer months.

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WTI – As mentioned in last week’s market update, oil printed a pin bar off a overhead resistance zone and now, price has stalled as traders booked profits. Expect this area to be tested again.

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Chris Ferreira

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