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03.05.202113:38 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 03, 2021

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 03.05.2021 analysis

Overview :

Intraday bias in EUR/USD remains mildly on the downside as pull back from 1.2045 short term top is in progress. But downside should be contained by 23.6% retracement of 1.2045 to 1.2020 at 1.2013 to bring rebound.

The EUR/USD pair continues to move upwards from the level of 1.2045. Today, the first support level is currently seen at 1.2045, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.2045, which coincides with the 23.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the EUR/USD pair to trade between 1.2045 and 1.2150. So, the support stands at 1.2045 , while daily resistance is found at 1.2150 (major resistance).

Therefore, the market is likely to show signs of a bullish trend around the spot of 1.2045.

On the upside, break of 1.2065 will resume the rise from 1.2045 to 1.2082/1.2100 resistance zone.

In other words, buy orders are recommended above the spot of 1.2045/1.2065 with the first target at the level of 1.2098; and continue towards 1.2150.

However, if the EUR/USD pair fails to break through the resistance level of 1.2150 today, the market will decline further to 1.2003.

Mourad El Keddani
Analytical expert of InstaForex
© 2007-2021

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