03.05.202112:10 Forex Analysis & Reviews: Technical analysis for EUR/USD pair for the month of May

Trend analysis

This month, the price may continue its upward movement to the first target of 1.2196 – the pullback level of 76.4% (red dotted line). If this level is broken upwards, the next upper target of 1.2349 – an upper fractal (red dotted line) will be considered. After reaching this level, further growth may extend to the target of 1.2554 – the upper fractal (blue dotted line).

Figure 1 (monthly chart)

Indicator analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the monthly chart: the price is likely to have an upward trend without the first lower shadow (first week of the month is the upper one) and with the second upper shadow (last week is black) in the monthly white candlestick.

General scenario: the price from the level of 1.2018 (closing of the April monthly candlestick) may rise to the target of 1.2149 – the upper fractal (April monthly candlestick of 2021). In case that this level is broken upwards, the next upward target of 1.2306 – the resistance level (white thick line) will be considered. After reaching it, the upward movement may resume to the target of 1.2554 – the upper fractal (blue dotted line).

As an alternative, the price from the level of 1.2018 (closing of the April monthly candlestick) may move down to the target of 1.1870 – the support line of the upward channel (white bold line) and then continue rising.