empty
19.05.2021 11:33 AM
Trading plan for EURUSD for May 19, 2021

This image is no longer relevant

Technical outlook:

EURUSD bulls managed to extend its rally past 1.2242 resistance today, before pulling back. Looking at the current wave structure, possibilities remain for at least a corrective drop towards 1.1950 levels, if not a trend reversal. A potential shooting star is being produced on the daily chart at the moment and if successful, bears might come back in control soon.

EURUSD is seen to be trading around 1.2210 levels at this point in time, and is expected to break below 1.2200 handle in the immediate future. The entire rally between 1.1704 and 1.2245 could still be seen as a correction and bears might come back strong. Immediate resistance is now seen at 1.2350 while support is 1.2051 levels respectively. A break below 1.2050 from here would be encouraging for bears.

On the flip side if the rally continues to build towards 1.2350, the structure might turn bullish again. Either way, strong probabilities remain for a meaningful corrective drop towards 1.1950 levels at least. We shall review situation then, to decide on further course of action.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1300 and lower.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair maintained its upward trend on Wednesday, a movement that has developed over the past two weeks. Recall that

Paolo Greco 06:31 2025-05-22 UTC+2

How to Trade the EUR/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its upward movement calmly and steadily. The price broke through the 1.1267 level, which

Paolo Greco 06:31 2025-05-22 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 22: The Pound Breaks Through Key Levels

The GBP/USD currency pair also resumed its upward movement on Wednesday. The rise of the British pound, which in reality still reflects the fall of the US dollar, began overnight

Paolo Greco 03:30 2025-05-22 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 22: Reasons Don't Matter and Aren't Needed

The EUR/USD currency pair resumed its upward movement on Wednesday, and it is now safe to say that the uptrend is present not only in the hourly timeframe but also

Paolo Greco 03:30 2025-05-22 UTC+2

How to Trade the GBP/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair mainly traded sideways on Tuesday, but early Wednesday morning it surged upward. On the 4-hour timeframe, it's clear that

Paolo Greco 06:17 2025-05-21 UTC+2

How to Trade the EUR/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded sideways, but it resumed its upward movement early Wednesday morning. This indicates that the ongoing

Paolo Greco 06:17 2025-05-21 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 21: The British Pound Remains in a Flat Range

The GBP/USD currency pair continued to trade within the boundaries of a sideways channel on Tuesday, which has existed for over a month and is clearly visible. While on Monday

Paolo Greco 03:48 2025-05-21 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 21: The Euro Continues to Climb

The EUR/USD currency pair mostly traded sideways throughout Tuesday. Unlike Monday, traders had no formal reason to sell the dollar, something they've been doing frequently lately. As a reminder, Monday's

Paolo Greco 03:48 2025-05-21 UTC+2

How to Trade the GBP/USD Pair on May 20? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD Throughout Monday, the GBP/USD pair continued its upward movement, and at first glance, it might seem that a new uptrend is forming

Paolo Greco 05:40 2025-05-20 UTC+2

How to Trade the EUR/USD Pair on May 20? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair surged upward on Monday with renewed strength. But what justified this move, given that Monday's macroeconomic and fundamental

Paolo Greco 05:40 2025-05-20 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.