You are about to be redirected to
The services on this website better suit your location
Open Account

07.05.202112:13 Forex Analysis & Reviews: Trading plan for EURUSD for May 07, 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 07.05.2021 analysis

Technical outlook:

EURUSD yet again complies with the projected wave structure early this week and rallies over 100 pips to reach 1.2090 today. The corrective rally that was projected earlier seems to be complete now or very close to completion. The resistance zone has been met and bears would be preparing to take control back from 1.2090/1.2100 levels soon.

EURUSD down side projections for May 2021 remain below 1.1700 at least. The single currency pair is seen to be trading around 1.2080 levels at this point in writing and is expected to carve a meaningful top soon. Immediate resistance stays around 1.2150, while support comes in around 1.2052 levels (short term) respectively. A break below 1.2052 confirms a meaningful to in place and that bears are here to stay.

EURUSD might be setting up for a sharp decline towards 1.1300 mark at least and potential remains to drop through 1.0636 levels as well, in the next several weeks. Bears are going to remain in control as long as prices stay below 1.2350 levels respectively. Traders might prepare for a reversal either today or Monday.

Trading plan:

Remain short, stop @ 1.2250, target is @ 1.1300 at least.

Good luck!

Oscar Ton
Analytical expert of InstaForex
© 2007-2021

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.