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17.05.202223:31 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 17, 2022

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Overview :

The EUR/USD pair faced resistance at the level of 1.0578, while minor resistance is seen at 1.0540. Support is found at the levels of 1.0495 and 1.0461.

Pivot point has already been set at the level of 1.0461. Equally important, the EUR/USD pair is still moving around the key level at 1.0461, which represents a daily pivot in the H1 time frame at the moment.

Yesterday, the EUR/USD pair continued moving upwards from the level of 1.0461. The pair rose to the top around 1.0550 from the level of 1.0461 (coincides with the ratio of 38.2% Fibonacci retracement).

In consequence, the EUR/USD pair broke resistance, which turned into strong support at the level of 1.0461. The level of 1.0461 is expected to act as the major support today.

We expect the EUR/USD pair to continue moving in the bullish trend towards the target levels of 1.0578 and 1.0648 (last bullishw ave).

On the downtrend: If the pair fails to pass through the level of 1.0578, the market will indicate a bearish opportunity below the level of 1.0578.

So, the market will decline further to 1.0495 and 1.0461 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.0349 in order to form the double bottom.

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