FX.co - EUR/USD analysis for May 06 2021 - Breakout of the falling wedge and potetnial test of 1.2100

2021-05-06T11:24:15

Relevance until2021-05-07

Technical analysis:

EUR/USD analysis for May 06 2021 - Breakout of the falling wedge and potetnial test of 1.2100

EUR has been trading upside as I expected. I still see potential for the price to go higher and you should watch for buying opportunist.

Trading recommendation:

Watch for potential buying opportunities on the pullbacks with the upside targets at 1.2075 and 1.2110.

Main cause of the rally on EUR was falling wedge and exhaustion of sellers...

Stochastic is showing fresh bull cross, which is another sign and confirmation for the upside rotation.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for May 06 2021 - Breakout of the falling wedge and potetnial test of 1.2100