For Traders

Analytical Reviews

Trading plan

12.05.202111:37 Forex Analysis & Reviews: Trading plan for EURUSD for May 12, 2021

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.

Technical outlook:

EURUSD has turned lower from 1.2181 highs yesterday as bears might be preparing to take control back. The pair is expected to print another intraday low to the 1.2090/95 levels before finding some support again. It would be interesting to see if EURUSD attempts to print yet another high towards 1.2210/15 levels before turning lower again.

EUR is seen to be trading lower around the 1.2130 mark at this point in time. It is expected to print at least one low before pulling back higher again. Immediate short-term resistance is at 1.2181, followed by 1.2242 and higher, while support comes in around 1.1986 levels respectively. The down trend line is still being tested on the daily chart and not yet broken.

EURUSD remains in control of bears until prices stay below 1.2350 levels. The corrective rally that had begun on March 31, 2021, from the 1.1704 levels seems to be complete or close to termination. A break below 1.2030 will confirm that bears are back in control and are here to stay for long.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1300 and lower.

Good luck!

Back to the list

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.