Technical analysis EURUSD for 16.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Red is directed up, while blue is directed down. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.09260. The closest support is the level 1.07980

Key levels

• 1.10420, 1.09820, 1.09260, 1.07980, 1.07310, 1.06620

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.09260, with Take Profit of 1.09820 and Stop Loss of 1.08600

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.07980, with Take Profit of 1.07310 and Stop Loss of 1.08600