EUR/USD analysis for May 03 2021 - Big Fibonacci confluence at 1.2060 and potential for the downside contination towards

Further Development

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Analyzing the current trading chart of EUR, I found that there is the great resistance zone at 1.2060 and that sellers on the rallies is preferable strategy.

My advice is to watch for selling opportunities with the downside targets at 1.2015 and 1.1985.

I found that there is the great Fibonacci confluence zone around 1.2060, which is indication for the downside continuation.

Additionally, there is the fresh bear cross on the Stochastic oscillator, which is another indication for the downside movement.

The material has been provided by InstaForex Company - www.instaforex.com

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