Home Free Forex Signals and Forecast: Sell EUR/USD – 16 May 2022
Forex Trading Signals

Free Forex Signals and Forecast: Sell EUR/USD – 16 May 2022

Today, our free forex signals service trade is a sell order in EUR/USD. If the USD resumes its rally after a minor correction, the price will go down.

The EUR/USD pair rebounded in the short term after its massive drop. Still, the leg higher could be only a temporary one. It was traded at 1.0435 at the time of writing. The price dropped as the Dollar Index retreated. DXY’s sell-off could be over soon, but the bias remains bullish.

Technically, the EUR/USD pair found resistance at the daily R1 (1.0440), which now moves in a range pattern. The rate also dropped because the Euro-zone Industrial Production came in better than expected, while the US Prelim UoM Consumer Sentiment dropped from 65.2 to 59.1 points below 64.1 estimates.

Are you interested in learning more about making money with forex? Check our detailed guide-

Today, the Eurozone Trade Balance came in at -17.6B versus 2.3B expected, while the German WPI rose by 2.1% versus 4.2% forecasts and 6.9% growth in the previous reporting period.

US Empire State Manufacturing Index -11.6

Earlier, the greenback hit the Empire State Manufacturing Index indicator, which dropped from 24.6 points to -11.6 points, far below 15.3 points forecast. Therefore, from the technical point of view, the EUR/USD pair could develop a new sell-off if it stands under 1.0435 and if it makes a valid breakdown below 1.0414.

3 Free Forex Every Week – Full Technical Analysis

Free forex signals – Sell EUR/USD at 1.0409

eur/usd free forex signals

Free forex signals entry price and take-profit

Instrument: EUR/USD

Order Type: SELL STOP

Entry price: 1.0409

Stop Loss: 1.0448

TP1: 1.0339

My Risk: 1%

Risk / Reward Ratio: 1:1.8

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money


Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.