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flag ★ Technical analysis of EUR/USD for May 26, 2022

Forex Analysis:::2022-05-26T20:19:46

Technical analysis of EUR/USD for May 26, 2022

Technical analysis of EUR/USD for May 26, 2022

Overview :

The EUR/USD pair continues to move upwards from the level of 1.0669. Yesterday, the pair rose from the level of 1.0669 (the level of 1.0669 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.0728.

Today, the first support level is seen at 1.0669 followed by 1.0619, while daily resistance 1 is seen at 1.0749.

According to the previous events, the EUR/USD pair is still moving between the levels of 1.0669 and 1.0781; for that we expect a range of 112 pips (1.0781 - 1.0669).

On the one-hour chart, immediate resistance is seen at 1.0749, which coincides with a ratio of 100% Fibonacci retracement - the last bullish wave.

Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100 - red trend) and (50 - blue trend).

Therefore, if the trend is able to break out through the first resistance level of 1.0749, we should see the pair climbing towards the daily resistance at 1.0781 to test it.

Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend to tthe next target of 1.0710

It would also be wise to consider where to place stop loss; this should be set below the second support of 1.0619.

Analyst InstaForex
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