FX.co - EUR/USD analysis for May 18 2021 - Bearish divergence and potential for downside movement towards 1.2170

2021-05-18T13:36:48

Relevance until2021-05-18

Technical analysis:

EUR/USD has been upwards but I found extreme overbought condition and potential for the downside rotation.

Trading recommendation:

EUR/USD analysis for May 18 2021 - Bearish divergence and potential for downside movement towards 1.2170

Watch for potential selling opportunities with the downside targets at the price of 1.2180 and 1.2170. .

Stochastic is showing overbought condition, bear divergence and fresh bear cross, which is another sign and confirmation for the downside rotation.

Additionally, there is the selling tail from the top....

Key resistance is set at 1.2235

*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 18 2021 - Bearish divergence and potential for downside movement towards 1.2170