FX.co - EUR/USD analysis for April 05, 2022 - Strong selling pressure and potential for bgger drop

2022-04-05T14:36:04

Relevance until2022-04-06

Technical analysis:

EUR/USD analysis for April 05, 2022 - Strong selling pressure and potential for bgger drop

EUR/USD has been trading downside as I expected. The price reached my first downside objective and is heading towards next reference points.

Trading recommendation:

Due to strong selling pressure and bigger downside trend, I see potential for further downside continuation.

Watch for selling opportunities on the intraday rallies with the downside objectives at 1.0900 and 1.0820.

Stochastic is showing bear cross, which is another sign and confirmation for the downside movement.

MACD is still downside , which is confirmation that trend is bearish.

Key resistance is set at 1.1170

*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 April 05, 2022 - Strong selling pressure and potential for bgger drop