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Forex Analysis & Reviews: 11.05.2022

Relevance up to 11:00 2022-05-12 UTC + 00

Technical analysis:

Exchange Rates 11.05.2022 analysis

BTC has been trading sideways today at the price of $ 31,600. Key resistance is set at the price of $ 32,500 and I see potential for the downside movement.

Trading recommendation:

Due to the strong downside cyle in the background and key resistance on th test, I see potential for the downside movement.

Watch for selling opportunities with the downside objective at the price of $ 29,700.

Stochastic oscillator is showing overbought condition, which is sign for the potential downside rotation.

Key resistance is set at the price of $ 32,500

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022

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