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Technical Analysis of EUR/USD for May 20, 2021

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Overview :

The EUR/USD pair will continue to rise from the level of 1.2148. The support is found at the level of 1.2148, which represents the 50% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.2148, while immediate resistance is seen at 1.2245 Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.2202.

So, buy above the level of 1.2171 with the first target at 1.2245 in order to test the daily resistance 1 and move further to 1.2289.

Also, the level of 1.2245 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 1.2171 to 1.2289 today.

At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 1.2171, a further decline to 1.2051 can occur, which would indicate a bearish market.

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