Technical Analysis of EUR/USD for May 12, 2021

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Overview :
  • The EUR/USD pair will continue to rise from the level of 1.2106. The support is found at the level of 1.2106, which represents the 61.8% Fibonacci retracement level in the H1 time frame.
  • The price is likely to form a double bottom. Today, the major support is seen at 1.2106, while immediate resistance is seen at 1.2182.
  • Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.2135.
  • So, buy above the level of 1.2135 with the first target at 1.2182 in order to test the daily resistance 1 and move further to 1.2210.
  • Also, the level of 1.2210 is a good place to take profit because it will form a double top.
  • Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.2130 to 1.2210 today.
  • At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2106, a further decline to 1.2032 can occur, which would indicate a bearish market.
  • Today, the EUR/USD pair is continuing to move in a bullish trend from the new support level of 1.2106, to form a bullish channel.
  • Amid the previous events, we expect the pair to move between 1.2106 and 1.2210.
  • Forecast :
  • Buy above the level of 1.2100 with the first target at 1.2186 in order to test the daily resistance 1 - (double top); and further to 1.2210. Nevertheless, if the pair fails to pass through the level of 1.2210, the market will indicate a bearish opportunity below the level of 1.2210. The market will decline further to 1.2100 so as to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 1.2210.
The material has been provided by InstaForex Company - www.instaforex.com

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