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11.05.202116:10 Forex Analysis & Reviews: Short-term analysis on EURUSD for May 11, 2021

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EURUSD is trading near its highs of 1.2170. Short-term trend remains bullish as price has not broken yet any of the pull back lows along the way. Support is at 1.2110 and next at 1.2060. EURUSD is vulnerable to a pull back as price has reached three times already the 1.2170 resistance area and all of the times it got rejected.

EURUSD justifies a pull back towards 1.2060 but any move lower could put in danger the upward move that started at 1.17. If EURUSD fails to hold 1.1990 we should expect a deeper correction maybe towards 1.1850. At current price levels I prefer to be neutral if not bearish as the downside potential is bigger than the upside. We explained in previous posts the warning signs by the RSI. Bulls need to be cautious.

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