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17.05.2022: Forex Analysis & Reviews: EUR/USD analysis for May 17, 2022 - Key pivot resistance at the price of 1.0590


Technical
analysis:

analytics62838de2a3ba9.jpg


EUR/USD
has been trading upside
today with good momentum, which is sign that buyers are in control.
Anyway, EUR is approaching important pivot zone at 1.0590.


Trading
recommendation:


Watch
for the price action around key povot zone at 1.0590 to confirm
further movement.


If
the price rejects of the key pivot resistance at 1.0590, I see
potential for the downside rotation towards 1.0450.


IF
the price breaks the pivot at 1.0590, there is potential for the
further rally towards 1.0640.


Stochastic
oscillator is showing overbought condition with potential for the
bear cross, which is sign for further downside rotation.

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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