FX.co - EUR/USD analysis for May 12, 2022 - Strong downside moementum and potential for test of 1.0350

12 May 2022 at 11:18AM (UTC+0)

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Technical analysis:

EUR/USD analysis for May 12, 2022 - Strong downside moementum and potential for test of 1.0350

EUR/USD has been trading downside as I expected yesterday. EUR is getting closer to main objective at 1.0350. I expect further downside continuation.

Trading recommendation:

Due to the downside cycle and broken bear flag pattern in the background, I see potential for the downside continuation.

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

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

Key resistance is set at the price of 1.0640

*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 12, 2022 - Strong downside moementum and potential for test of 1.0350