FX.co ★ EUR/USD analysis for May 05, 2022 - Potential downside continuation

Technical analysis:

EUR/USD has been trading downside today and I see potential for the downside continuation of the bigger downside trend.

Trading recommendation:

Due to the rejection of the upper trend line I see potential for the downside continuation.

Watch for potential selling opportunities on the rallies with the downside objectives at 1.0480 and 1.0360.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for further downside movement.

Key resistance is set at the price of 1.0640