Technical Analysis of EUR/USD for May 13, 2021

Technical Market Outlook:

The EUR/USD pair had hit the technical support located at the level of 1.2079 and made a new local low at the level of 1.2065. This level is very close to the 61% Fibonacci retracement located at the level of 1.2060 and if violated, then the next target for bears is located at the level of 1.1991 (recent swing low). Please notice, the overbought market conditions are now showing some potential pullback towards the support might continue and weak and negative momentum supports the bearish outlook.

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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