empty
 
 
07.05.2021 12:13 PM
Trading plan for EURUSD for May 07, 2021

This image is no longer relevant

Technical outlook:

EURUSD yet again complies with the projected wave structure early this week and rallies over 100 pips to reach 1.2090 today. The corrective rally that was projected earlier seems to be complete now or very close to completion. The resistance zone has been met and bears would be preparing to take control back from 1.2090/1.2100 levels soon.

EURUSD down side projections for May 2021 remain below 1.1700 at least. The single currency pair is seen to be trading around 1.2080 levels at this point in writing and is expected to carve a meaningful top soon. Immediate resistance stays around 1.2150, while support comes in around 1.2052 levels (short term) respectively. A break below 1.2052 confirms a meaningful to in place and that bears are here to stay.

EURUSD might be setting up for a sharp decline towards 1.1300 mark at least and potential remains to drop through 1.0636 levels as well, in the next several weeks. Bears are going to remain in control as long as prices stay below 1.2350 levels respectively. Traders might prepare for a reversal either today or Monday.

Trading plan:

Remain short, stop @ 1.2250, target is @ 1.1300 at least.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback