empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

04.05.202118:13 Forex Analysis & Reviews: May 4, 2021 : EUR/USD Intraday technical analysis and trade recommendations.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 04.05.2021 analysis

In late February, a recent bullish spike has pursued towards 1.2150 - 1.2200 where bearish rejection was previously anticipated.

This was followed by a long-duration bearish movement towards 1.1690 where a bullish pullback has been initiated since then.

This bullish pullback towards the price zone of 1980 failed to find sufficient SELLERS.

That's why, more bullish advancement was demonstrated towards 1.2050.

Currently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels.

More bullish advancement was expected to pursue towards 1.2100 - 1.2150 where bearish rejection was previously anticipated.

Although transient bullish breakout above this level was temporarily expressed, significant bearish momentum has emerged bringing the EURUSD pair back below 1.2050.

As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 is needed to establish a short-term downtrend.

Hence, more bearish decline would be expected towards 1.1970 to be watched cuatiously for further decisions to be taken.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2024

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.

Turn "Do Not Track" off