FX.co ★ EUR./USD analysis for May 06, 2019

E

EUR/USD has been trading sideways at the price of 1.1190. Price is trading inside of defined trading range. Our advice is to watch for potential down break.

Yellow rectangle – Resistance 1

Yellow rectangle – Resistance 2

Yellow horizontal line – Support 1

Yellow horizontal line – Support 2

According to the H1 time-frame, we found that there is the bearish divergence on the Stochastic oscillator in the background, which is sign of the weak buyers. Also, the resistance at 1.1202 is being confirmed and we do expect further lower price on EUR. Support levels are seen at 1.1172 and 1.1135. For any buying, we would like to see the breakout of key resistance 1.1202 and 1.1218. Watch for selling opportuntiies.