FX.co ★ May 17, 2021 : EUR/USD daily technical review and trade recommendations.

During April, the ongoing downside movement ( on the left side of the chart ) came to an end. The price levels around 1.1700 provided Significant BUYING Pressure. This initiated the recent uptrend towards 1.2150.

Another downside movement was expressed towards 1.1990. Breakdown below it was needed to allow one more downside visit towards 1.1840.

However, an upside pullback was demonstrated towards 1.2175 (backside of the broken trendline) which provided sufficient bearish pressure resulting in a quick downside movement towards 1.2070.

Currently, any upside movement towards 1.2175 should be watched for bearish rejection and a possible valid SELL Entry.

If so, another downside movement towards 1.2070 should be anticipated. Further downside movement would be projected towards 1.1990.

On the other hand, a breakout above 1.2175 enhances further bullish advancement towards 1.2250 as an initial target