Technical analysis EURUSD for 03.05.2023

Tenkan-sen and Kijun-sen lines are merged. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.10690. The closest support is the level 1.10390

Key levels

• 1.11260, 1.10950, 1.10690, 1.10390, 1.10160, 1.09820

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.10690, with Take Profit of 1.10950 and Stop Loss of 1.10500

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.10390, with Take Profit of 1.10160 and Stop Loss of 1.10500