FX.co ★ EUR/USD analysis for May 17, 2022 - Key pivot resistance at the price of 1.0590

Technical analysis:

EUR/USD has been trading upside today with good momentum, which is sign that buyers are in control. Anyway, EUR is approaching important pivot zone at 1.0590.

Trading recommendation:

Watch for the price action around key povot zone at 1.0590 to confirm further movement.

If the price rejects of the key pivot resistance at 1.0590, I see potential for the downside rotation towards 1.0450.

IF the price breaks the pivot at 1.0590, there is potential for the further rally towards 1.0640.

Stochastic oscillator is showing overbought condition with potential for the bear cross, which is sign for further downside rotation.