FX.co - EUR/USD analysis for May 28 2021 - Breakout of the rising wedge pattern and potential for drop towards 1.2000

2021-05-28T11:56:39

Relevance until2021-05-29

Technical analysis:

EUR/USD analysis for May 28 2021 - Breakout of the rising wedge pattern and potential for drop towards 1.2000

EUR has been trading downside and there is the breakout of the rising wedge on the 4H time-frame.

Trading recommendation:

Watch for potential selling opportunities on the rallies due to the breakout of the rising wedge and strong downside momentum.

Downside targets are set at the price of 1.2065 and 1.2000.

Stochastic is showing oversold condition but with no strong upside cross, which is still sign for the downside movement.

Resistance is set at 1.2215

*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 28 2021 - Breakout of the rising wedge pattern and potential for drop towards 1.2000