The Euro has had a very rough month of April, and the way we are closing out the month suggests that we may have further negativity ahead. See where May is headed here: Forex May2022 EURUSD
It is worth noting that we have tested the 1.05 level, an area that is a large, round, psychologically significant figure. This area could offer a little bit of profit-taking and a short-term bounce. However, that bounce should end up being a nice selling opportunity and I think that will be the theme of the month of May for the Euro.The 1.08 level is an area that has been important on the way down as well as previous resistance.
As long as that is going to be the case, and it certainly looks as if there are plenty of reasons for that to be, I do believe that this pair will continue to find plenty of sellers.Short-term rallies will occur, perhaps lasting a couple of days. At the first signs of exhaustion, I am more than willing to start shorting this market, because quite frankly the trend is so strong, and it is also worth noting that Europe has a major issue in the form of a lack of energy. They are stuck in a situation where they will have to do something about Russian natural gas, and a lack of natural gas is disastrous for the outlook of the European economy.
The 1.08 level above is significant resistance. If we were to overtake that area to the upside, then we might have the opportunity to go to the 1.10 level. However, I do not necessarily think that is as likely as giving up gains much sooner than that, and I will be shorting at the first signs of exhaustion on every rally.
I do not think that the Euro is going to reverse the trend anytime soon, so I certainly have a downward bias when it comes to this market.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks imploded in April, what’s ahead for May?April was the worst month since March of 2020 for the S&P 500 and Dow, for the tech-heavy Nasdaq it was the worst since October 2008.
Read more »
'Guardians Of The Galaxy: Vol. 3' Will Wrap Filming in May According to James GunnJames Gunn confirmed that 'Guardians of the Galaxy Vol. 3' will wrap next month.
Read more »
Ukraine attacks inside Russia may lead to dangerous escalation of warReported attacks by Ukraine in Russia could be used by Moscow to portray Ukraine as the aggressor and strengthen the case for mass mobilization.
Read more »
Mexico Caribbean beaches may see worst sargassum since 2018Mexican authorities say the problem of foul-smelling sargassum _ a seaweed-like algae _ on the country’s Caribbean coast beaches is “alarming.”.
Read more »
May 2022 horoscopes predict your zodiac’s signs success, sex and scandalsMay will be one of the most monumental months of 2022—and all zodiac signs will see major events take place. Read how your horoscope is affected here!
Read more »