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13.05.202209:45 Forex Analysis & Reviews: EUR/USD analysis for May 13, 2022 - Major downside objective at 1.0350 has been reached, potetnial for another drop towards 1.0000

Technical analysis:

Exchange Rates 13.05.2022 analysis

EUR/USD has been trading downside as expected and the price reached my main downside target at the price of 1.0350. Anyway, I see potential for the further downside movement towards next key pivot.

Trading recommendation:

Due to the strong downside cycle and no bigger signs for the reversal, I see potential for the downside movement.

Watch for potential selling opportunities on rallies with the downside objectives are set at the price of 1.0000 and 0.9860.

MACD oscillator is showing strong downside momentum, which is sign that sellers are in control.

Stochastic is near oversold zone but with no evidence for the reversal.

Resistance is set at the price of 1.0450

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

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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