FX.co - EUR/USD analysis for May 31 2021 - Breakout of the mini upside channel and potenttial for drop towards 1.2135

2021-05-31T10:49:55

Relevance until2021-06-02

Technical analysis:

EUR/USD analysis for May 31 2021 - Breakout of the mini upside channel and potenttial for drop towards 1.2135

EUR/USD has been trading sideways at the price of 1.2187but I see potential for the further downside movement.

Trading recommendation:

Watch for potential selling opportunities due to breakout of the mini upside channel and exhaustion from buyers.

Downside targets are set at the price of 1.2135 and 1.2060

Stochastic is showing overbought condition and 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 31 2021 - Breakout of the mini upside channel and potenttial for drop towards 1.2135