EUR/USD analysis for May 11 2021 - Bear flag pattern confirmed and potetnial for drop towards 107.50

Technical analysis:


USD/JPY has been trading downwards as I expected. The analysis from yesterday is still active and I see further downside continuation on the USD/JPY

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside targets at 108.35 and 107.52.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Additionally, there is the breakout of the bear flag pattern on the 4H time-frame....

The material has been provided by InstaForex Company -