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24.05.202207:05 Forex Analysis & Reviews: Trading plan for EURUSD on May 24, 2022

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Technical outlook:

EURUSD rallied close to 1.0700 on Monday, extending beyond the 1.0640-50 initial resistance. The single currency pair has pulled back through 1.0670 as of now with intraday support seen around 1.0650. Potential remains for yet another shallow high above 1.0700 before producing a meaningful pullback ahead.

EURUSD is facing resistance around 1.0920-30 from here, followed by 1.1200 and higher; while interim support is fixed around the 1.0348 lows. Bulls are expected to take a break from here as prices retrace towards the 1.0450-70 zone in the next few trading sessions. Prices should ideally stay above 1.0348 to keep the bullish structure intact.

EURUSD has carved an upswing between 1.0348 and 1.0700 in the last few trading sessions. The currency pair is expected to retrace from the above boundary before resuming its rally towards 1.0920-30. The Fibonacci 0.618 retracement of the above rally is seen through 1.0480 (not shown here). Hence, there is a high probability for a turn higher thereafter.

Trading plan:

Potential rally through 1.0920-30 against 1.0300

Good luck!

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