02.05.202213:20 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 2022

Trend analysis EUR/USD will increase this May, from 1.0544 (closing of the April monthly candle) to 1.0744, the 14.6% retracement level (red dotted line). Then, it will go to the 23.6% retracement level at 1.0913 (red dotted line), before turning down again.

Fig. 1 (monthly chart)

comprehensive analysis:

Indicator analysis - uptrend Fibonacci levels - uptrend Volumes - uptrend Candlestick analysis - uptrend Trend analysis - uptrend Bollinger bands - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend, with no lower shadow on the monthly white candle (the first week of the month is white) and a second upper shadow (the last week is black).

And throughout the month, the pair will climb from 1.0544 (the closing of the April monthly candle) to the 14.6% retracement level at 1.0744 (red dotted line), move to the 23.6% retracement level at 1.0913 (red dotted line), then turn down again.

Alternatively, the pair could decline from 1.0544 (the closing of the April monthly candle) to the lower fractal at 1.0471 (red dotted line), then bounce back to 1.0744, which is the 14.6% retracement level (red dotted line).