FX.co - EUR/USD analysis for May 04 2021 - Breakout of the upside channel and potential for test of 1.1880

2021-05-04T11:56:32

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EUR/USD analysis for May 04 2021 - Breakout of the upside channel and potential for test of 1.1880

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EUR/USD analysis for May 04 2021 - Breakout of the upside channel and potential for test of 1.1880

Analyzing the current trading chart of EUR, I found that there is the breakout of the mini upside Pitchfork channel and the rising trend-line, which is sign for the downside movement.

My advice is to watch for selling opportunities on the rallies using the intraday charts.

The downside targets are set at the price of 1.1950 and 1.1880.

Key Levels:Resistance: 1.2020Support levels: 1.1950 and 1.1880.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #EURUSD

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2024

FX.co ★ EUR/USD analysis for May 04 2021 - Breakout of the upside channel and potential for test of 1.1880

Forex Analysis

EUR/USD analysis for May 04 2021 - Breakout of the upside channel and potential for test of 1.1880