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28.05.202012:51 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 28, 2020

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Overview:

Right now the price is trading around the spot of 1.1008. The EUR/USD pair faced resistance at the level of 1.1008, while minor resistance is seen at 1.0959. Support is found at the levels of 1.0892 and 1.0830. Also, it should be noted that a daily pivot point has already set at the level of 1.0892. Equally important, the EUR/USD pair is still moving around the key level at 1.0892, which represents a daily pivot in the H4 time frame at the moment. Yesterday, the EUR/USD pair continued to move upwards from the level of 1.0892. The pair rose from the level of 1.0892 to the top around 1.0959. In consequence, the EUR/USD pair broke resistance, which turned strong support at the level of 1.0892. The level of 1.0892 is expected to act as major support today. From this point, we expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.0892 towards the target level of 1.0959. If the pair succeeds in passing through the level of 1.0959, the market will indicate the bullish opportunity above the level of 1.0959 in order to reach the second target at 1.1008. Notwithstanding, if a breakout happens at the support level of 1.0892, then this scenario may be invalidated. But we still thinking for a strong bullish market as long as the price above the pivot point of 1.0892.

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