For Traders

Analytical Reviews

Technical analysis

20.05.202216:06 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 20, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview :

The EUR/USD pair faced resistance at the level of 1.0642, while minor resistance is seen at 1.0578.

Support is found at the levels of 1.0530 and 1.0495. Yesterday, the EUR/USD pair continued to move upwards from the level of 1.0495. The pair rose from the level of 1.0495 to the top around 1.0590. But the trend rebounded from the top price of 1.0590 to close at 1.0560.

In consequence, the EUR/USD pair broke resistance, which turned strong support at the level of 1.0495.

Today, the level of 1.0495 is expected to act as major support. Hence, we expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.0530 towards the target level of 1.0600.

If the pair succeeds in passing through the level of 1.0600, the market will indicate the bullish opportunity above the level of 1.0600 in order to reach the second target at 1.0642 to test the double top in the H1 time frame.

However, the price spot of 1.0642 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0642 is not breached.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.