Daily Market Charts and Analysis May 24, 2019

Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

EURCHF

The pair was seen to fail to sustain its strength following its break down from a support line, which will send the pair lower in the following days. The European Parliamentary Election is already over and the result of the election was expected to be release on June. The election will spell out the future path of the European Union in the next five (5) years. The Germano-Franco led European Union experienced rough years following German Chancellor Angela Merkel’s decision to open the EU borders to immigrants, which prompted protest among its member countries and the uprising of Nationalism. This decision had also cost one of the de facto leaders of the EU to stepped down after two (2) decades of her chancellorship. The issue regarding the Brexit and Switzerland’s refusal to sign the EU’s framework deal will be the highlight of the next parliament. Histogram and EMAs 13 and 21 will continue to move lower.

EURGBP

The pair will continue its rally after it broke out from a downtrend resistance line and from 200 MA, which will send the pair higher towards its nearest resistance line. UK Prime Minister Theresa May announced her resignation on June 07 following her failure to deliver the Brexit, which the British citizens voted during the 2016 referendum. The United Kingdom participates during the recent European Parliamentary Election, which was expected to humiliate PM May’s government and to put the victory on UK parties that was deemed to have the ability to deliver the Brexit. Aside from this, the Brexit extension might spell trouble with the United Kingdom’s relationship with countries who signed post-Brexit trade agreement, who risks their relationship with the European Union. There were 12 expected candidates to replace PM May on June. Histogram and EMAs 13 and 21 was expected to continue their upwards movement.

EURJPY

The pair was seen to further move lower in the following days after it broke down from an uptrend resistance line and from the downtrend support line. Japan and Canada recently joined the Germano-Franco led “alliance of multilateralism” without the United States. This was seen as a step up from the ratification of the EU-Japan Free Trade Deal, which became the largest trading zone in the world. The United States, Japan, and the European Union were also pushing for an agreement on measures to curb state-support of industries with the goal of eventually limiting how much China backs its private companies, following the case of the technology giant Huawei amid the on-going trade war between the U.S. and China. In line with this, U.S. President Donald Trump delays the EU and Japan auto tariffs for 180 days for talks. Histogram and EMAs 13 and 21 was seen to crossover in the following days.