empty
 
 
02.05.2024 05:43 PM
Trading Signals for EUR/USD for May 2-4, 2024: buy above 1.0681 (21 SMA - 3/8 Murray)

This image is no longer relevant

The euro has been trading around 1.0694, above the 21 SMA, and within the uptrend channel forming since April 15. The EUR/USD pair is forming a bullish flag pattern so the instrument is likely to resume its bullish cycle. If the signal of this pattern is confirmed, the euro will break above the flag (1.0710).

The euro made a strong technical rebound when it reached the high of 1.0652, but we are observing that there is an exhaustion of the bullish force. This is likely to cause a correction in the next few hours. A technical bounce at 1.0681 could make the euro reach the 200 EMA located at 1.0741 and finally, the top of the uptrend channel around 1.0770.

EUR/USD could consolidate between 1.0742 (4/8 of Murray) and 1.0620 (2/8 of Murray) in the coming days. We believe that this price range could fluctuate for a long time.

The eagle indicator is giving a positive signal, but showing signs of exhaustion. Hence, any pullback will be used as an opportunity to buy.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback