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07.05.202120:35 Forex Analysis & Reviews: May 7, 2021 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 07.05.2021 analysis

By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found. Since then, the current downtrend has been initiated.

Shortly after, the price zone around (1.1990) provided some temporary buying pressure.

However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.

Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which failed to hold for a while.

Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.

Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure.

Now, the price zone of 1.1990 stands as a prominent SUPPORT-Zone for the EURUSD pair.

More upside movement is expected to pursue towards 1.2175 (backside of the broken trendline) where price action should be watched cautiously. Signs of bearish rejection should be anticipated.

Currently, any upside movement towards 1.2175-1.2200 should be considered for SELLING the EURUSD pair.

Estimated target levels are projected towards 1.2070 & 1.1990

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2021
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