FX.co - EUR/USD analysis for May 10, 2022 - Potential downside continuation of the bigger trend

2022-05-10T12:15:28

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Technical analysis:

EUR/USD analysis for May 10, 2022 - Potential downside continuation of the bigger trend

EUR/USD has been trading sideways at the price of 1.0550 but I see potential for the downside continuation of the bearish trend.

Trading recommendation:

Due to the strong downside cycle and bear flag pattern in creation, I see potential for the downside continuation.

Watch for potential selling opportunities on the intraday rallies with the downside with the next downside objective at 1.0360

Stochastic oscillator is showing fresh bear cross around overbought zone, which is good indication for further downside movement.

Key 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 10, 2022 - Potential downside continuation of the bigger trend