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EUR/USD and GBP/USD Forecast May 22

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The Euro initially fell against the Monday session as we have seen over the last couple of weeks but did turned around of form a hammer for the session. If we can break above the top of the range, that is technically a bullish signal, but I think it’s only a matter of time before the sellers get involved. At this point, I think that the market bouncing could send this market to higher levels, but at this point I think it would be more of a “dead cat bounce” than anything else. I would look to sell signs of exhaustion as soon as they appear, especially near the 1.1950 level. Otherwise, if we break down below the hammer for the session, that should be a very negative sign and could unwind the market down to the previous long-term below at the 1.1550 region. With the US interest rates rallying, it’s likely that we will continue to see more dollar pressure. for more analysis: http://www.dailyforex.com
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