FX.co - EUR/USD analysis for May 06, 2022 - Potential downside continuation

2022-05-06T17:10:02

Relevance until2022-05-07

Technical analysis:

EUR/USD analysis for May 06, 2022 - Potential downside continuation

EUR/USD has been trading sideways at the price of 1.0570 but I see potential for the downside continuation of the trend.

Trading recommendation:

Due to the potential bear flag in the background and downside trend, I see potential for further downside movement.

Watch for potential selling opportunities in case of the downside breakout of channel

Downside objective is set at 1.0350

MACD oscillator is showing negative reading, which is sign for further downside movement.

Resistance is set at the price of 1.0640

*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, 2022 - Potential downside continuation