Technical Analysis of EUR/USD for May 12, 2021

Technical Market Outlook:

The EUR/USD pair had failed to break through the key short-term supply zone located between the levels of 1.2154 - 1.2178. the bears had made a new local low at the level of 1.2115, which is below the local technical support is seen at the level of 1.2116. The next target for bears is located at the level of 1.2079. Please notice, the overbought market conditions are now showing some potential pullback towards the support might occur soon. The momentum remains strong and positive, which supports the short-term general bullish outlook for Euro.

Weekly Pivot Points:

WR3 - 1.2241

WR2 - 1.2301

WR1 - 1.2254

Weekly Pivot - 1.2121

WS1 - 1.2066

WS2 - 1.1965

WS3 - 1.1883

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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

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