13.05.2022 09:45 AM
EUR/USD analysis for May 13, 2022 - Major downside objective at 1.0350 has been reached, potetnial for another drop towards 1.0000

Technical analysis:

This image is no longer relevant

EUR/USD has been trading downside as expected and the price reached my main downside target at the price of 1.0350. Anyway, I see potential for the further downside movement towards next key pivot.

Trading recommendation:

Due to the strong downside cycle and no bigger signs for the reversal, I see potential for the downside movement.

Watch for potential selling opportunities on rallies with the downside objectives are set at the price of 1.0000 and 0.9860.

MACD oscillator is showing strong downside momentum, which is sign that sellers are in control.

Stochastic is near oversold zone but with no evidence for the reversal.

Resistance is set at the price of 1.0450

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback