Technical Analysis of EUR/USD for May 14, 2021

Technical Market Outlook:

The EUR/USD pair has bounced from the 61% Fibonacci retracement level located at 1.2060 and is continuing to move higher. The next target for bulls is seen at the level of 1.2154 - 1.2178, which is the key short-term supply zone. Any violation of this zone will likely lead to another wave up with a target at the level of 1.2200. Please notice, the market conditions are oversold and the momentum is strong and positive, which supports the short-term bullish outlook for this pair.

Weekly Pivot Points:

WR3 - 1.2241

WR2 - 1.2301

WR1 - 1.2254

Weekly Pivot - 1.2121

WS1 - 1.2066

WS2 - 1.1965

WS3 - 1.1883

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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The material has been provided by InstaForex Company - www.instaforex.com

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