Technical analysis EURUSD for 11.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.09820. The closest support is the level 1.08670

Key levels

• 1.10810, 1.10330, 1.09820, 1.08670, 1.08040, 1.07340

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.09820, with Take Profit of 1.10330 and Stop Loss of 1.09200

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.08670, with Take Profit of 1.08040 and Stop Loss of 1.09200