FX.co - EUR/USD analysis for May 03, 2022 - Potential for the downside continuation

3 May 2022 at 11:36AM (UTC+0)

Relevance until4 May 2022 at 11:36AM (UTC+0)

Technical analysis:

EUR/USD analysis for May 03, 2022 - Potential for the downside continuation

EUR/USD has been trading downside as I expected. I still see EUR downside with potential test of the 1.0350.

Trading recommendation:

Due to the strong downside trend and the breakout of the bear flag in the background I see potential for further drop towards 1.0350.

Watch for potential selling opportunities on the rallies with the downside objective at 1.0350.

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

Key resistance is set at the price of 1.5085

*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 03, 2022 - Potential for the downside continuation