FX.co - EUR/USD analysis for May 04, 2022 - Watch for breakout of consolidation

4 May 2022 at 11:41AM (UTC+0)

Relevance until5 May 2022 at 11:41AM (UTC+0)

Technical analysis:

EUR/USD analysis for May 04, 2022 - Watch for breakout of consolidation

EUR has been trading sideways today at the price of 1.0530 but I see potential for the downside continuation of the larger degree trend.

Trading recommendation:

Watch for potential selling opportunities if the price breaks the sideways support at the 1.0470.

Downside objective is set at the price of 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 1.0590

*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 04, 2022 - Watch for breakout of consolidation