Technical analysis EURUSD for 08.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is descending. Instrument corrected to the Tenkan-se line. The closest resistance is the level 1.10430. The closest support is the level 1.09820

Key levels

• 1.11500, 1.10800, 1.10430, 1.09820, 1.09720, 1.08600

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.10430, with Take Profit of 1.10800 and Stop Loss of 1.10100

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.09820, with Take Profit of 1.09720 and Stop Loss of 1.10100