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19.05.202109:26 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 19, 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 Market Outlook:

The EUR/USD pair has made a new local high at the level of 1.2242 (at the time of writing the article). The bulls are in full control of the market and the next target for them is seen at the level of 1.2284. Except the fact that the level of 1.2181 will now act as a technical support, the other intraday technical support is seen at the level of 1.2233 and 1.2205. Please notice, the market conditions are overbought and the momentum is strong and positive, which supports the short-term bullish outlook for this pair.

Weekly Pivot Points:

WR3 - 1.2332

WR2 - 1.2258

WR1 - 1.2204

Weekly Pivot - 1.2125

WS1 - 1.2076

WS2 - 1.1998

WS3 - 1.1940

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

Exchange Rates 19.05.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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