FX.co ★ EUR/USD analysis for May 11, 2022 - Potential downside continuation of the bigger trend

Technical analysis:

EUR/USD has been trading sideways today at the price of 1.0550. I still see potential for the downside continuation due to strong downside trend in the background.

Trading recommendation:

Due to bear flag pattern in creation in strong downside cycle, I see potential for the downside continuation.

Watch for selling opportunities in case of the downside breakout of the channel.

Downside objective is set at the price of 1.0365.

Key resistance is set at the price of 1.0640