FX.co - EUR/USD analysis for May 14 2021 - Completion of the ABC upside correction and potential drop towards 1.2055

2021-05-14T11:29:38

Relevance until2021-05-14

Technical analysis:

EUR/USD analysis for May 14 2021 - Completion of the ABC upside correction and potential drop towards 1.2055

EUR/USD has been trading upside but I found strong resistance at the price of 1.2130. There is potential for the downside continuation.

Trading recommendation:

Watch for potential selling opportunities at 1.2130 for the further downside continuation.

Fibonacci 61.8% is set at 1.2130 and I see space for the drop towards 1.2055.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

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

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for May 14 2021 - Completion of the ABC upside correction and potential drop towards 1.2055