empty
 
 

03.05.202113:38 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 03, 2021

Exchange Rates 03.05.2021 analysis

Overview :

Intraday bias in EUR/USD remains mildly on the downside as pull back from 1.2045 short term top is in progress. But downside should be contained by 23.6% retracement of 1.2045 to 1.2020 at 1.2013 to bring rebound.

The EUR/USD pair continues to move upwards from the level of 1.2045. Today, the first support level is currently seen at 1.2045, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.2045, which coincides with the 23.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the EUR/USD pair to trade between 1.2045 and 1.2150. So, the support stands at 1.2045 , while daily resistance is found at 1.2150 (major resistance).

Therefore, the market is likely to show signs of a bullish trend around the spot of 1.2045.

On the upside, break of 1.2065 will resume the rise from 1.2045 to 1.2082/1.2100 resistance zone.

In other words, buy orders are recommended above the spot of 1.2045/1.2065 with the first target at the level of 1.2098; and continue towards 1.2150.

However, if the EUR/USD pair fails to break through the resistance level of 1.2150 today, the market will decline further to 1.2003.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Mourad El Keddani,
Chuyên gia phân tích
Tập đoàn InstaForex © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.


Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.