23.05.202215:16 Forex Analysis & Reviews: Technical analysis on EURUSD for May 23, 2022.

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EURUSD is trading around 1.0652, while earlier today price was trading as high as 1.0688. As we mentioned in a previous analysis on EURUSD, price was expected to continue higher towards 1.0675 at least because of the bullish setup we identified.

Red lines- Fibonacci extension targets

Blue lines- expected equal size upward moves

Blue line -major resistance

EURUSD has so far reached the second target where the 2nd upward move is equal to the first one. We have reached the 100% extension and price has found it tough to continue higher. Price is turning lower. As long as price continues making higher highs and higher lows, short-term trend will remain bullish and we will continue to expect price to move higher towards the next Fibonacci target at 1.08. Support is at 1.0533. The bullish setup remains valid as long as we trade above 1.0533.

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