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13.05.202206:29 Forex Analysis & Reviews: Trading plan for EURUSD on May 13, 2022

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Technical outlook:

EURUSD slipped through fresh swing lows alongside most risk assets close to 1.0350 on Thursday. The single currency pair has almost re-tested its five-year lows around 1.0350 and might be ready for a meaningful pullback ahead. Bulls would be poised to hold prices above the 1.0350 handle to keep the structure intact.

EURUSD is facing immediate resistance around 1.0630, followed by 1.0920-30, 1.1200 and higher, while interim support comes in around 1.0350 respectively. A break above 1.0600 will confirm that bulls are back in control and a meaningful bottom is in place around 1.0350. The potential remains for a push through 1.1200 at least going forward.

Furthermore, the recent swing low around 1.0350-55 has been accompanied by a strong bullish divergence on daily RSI as shown here. It might be a potential trend reversal indicator going forward. Traders might be waiting for a signal confirmation to initiate fresh long positions from current levels (1.0390).

Trading plan:

Preparing for a potential rally towards 1.1200

Good luck!

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