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Forex Analysis & Reviews: 20.05.2022

Relevance up to 14:00 2022-05-21 UTC + 00

Overview:

The EUR / USD pair faced resistance at the level of 1.0642, while minor resistance is seen at 1.0578.

Support is found at the levels of 1.0530 and 1.0495. Yesterday, the EUR / USD pair continued to move upwards from the level of 1.0495. The pair rose from the level of 1.0495 to the top around 1.0590. But the trend rebounded from the top price of 1.0590 to close at 1.0560.

In consequence, the EUR / USD pair broke resistance, which turned strong support at the level of 1.0495.

Today, the level of 1.0495 is expected to act as major support. Hence, we expect the EUR / USD pair to continue moving in the bullish trend from the support level of 1.0530 towards the target level of 1.0600.

If the pair succeeds in passing through the level of 1.0600, the market will indicate the bullish opportunity above the level of 1.0600 in order to reach the second target at 1.0642 to test the double top in the H1 time frame.

However, the price spot of 1.0642 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0642 is not breached.

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mourad El Keddani,
Analytical expert of InstaForex
© 2007-2022

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