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FX.co ★ EUR/USD analysis for May 18 2021 - Bearish divergence and potential for downside movement towards 1.2170

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Forex Analysis:::2021-05-18T13:36:48

EUR/USD analysis for May 18 2021 - Bearish divergence and potential for downside movement towards 1.2170

Technical analysis:

EUR/USD has been upwards but I found extreme overbought condition and potential for the downside rotation.

Trading recommendation:

EUR/USD analysis for May 18 2021 - Bearish divergence and potential for downside movement towards 1.2170

Watch for potential selling opportunities with the downside targets at the price of 1.2180 and 1.2170. .

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

Additionally, there is the selling tail from the top....

Key resistance is set at 1.2235

Analyst InstaForex
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