FX.co - EUR/USD analysis for May 19 2021 -Brekaout of the drift pattern and potential for test of 1.2175

2021-05-19T12:10:13

Relevance until2021-05-20

Technical analysis:

EUR/USD analysis for May 19 2021 -Brekaout of the drift pattern and potential for test of 1.2175

EUR/USD has been downwards. There is the breakout of the drift pattern in the background, which is good sign for further downside movement.

Trading recommendation:

Watch for potential selling opportunities on the rallies with downside targets at 1.2175 and 1.2130.

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

Key resistance is set at 1.2240

*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 19 2021 -Brekaout of the drift pattern and potential for test of 1.2175