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Technical Analysis of EUR/USD for May 22, 2020:

Technical Market Outlook:

The EUR/USD pair has rallied towards the level of 1.1008, but market has made Bearish Engulfing candlestick pattern at the top of the move at the level of 1.1008. This level must be clearly violated in order to rally towards the swing high at 1.1017, which is the supply zone high. The nearest technical support at the level of 1.0951 has been violated already, so the next target for bears is seen at the level of 38% Fibonacci retracement at 1.0916. The key short-term technical support is located at the level of 1.0887. The momentum is now strong and positive, but still no clear trend indication except the larger time frame trend remains down.

Weekly Pivot Points:

WR3 - 1.0995

WR2 - 1.0945

WR1 - 1.0876

Weekly Pivot - 1.0824

WS1 - 1.0753

WS2 - 1.0693

WS3 - 1.0627

Trading Recommendations:

On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).


The material has been provided by InstaForex Company -