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Technical analysis

21.05.202116:15 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 21, 2021

Exchange Rates 21.05.2021 analysis

Overview :
  • The EUR/USD pair broke resistance which turned to strong support at the level of 1.2125 last week.
  • The level of 1.2125 is expected to act as major support today. From this point, we expect the EUR/USD pair to continue moving in a bullish trend from the support levels of 1.2125 and 1.2150.
  • Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.
  • Consequently, the first support is set at the level of 1.2125 (horizontal red line). So, the market is likely to show signs of a bullish trend around the spot of 1.2125.
  • In other words, buy orders are recommended above the spot of 1.2125 with the first target at the level of 1.2245; and continue towards 1.2289 (the weekly resistance 2).
  • This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.
  • On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.2328 this week, the market will decline further to 1.2200.
  • The pair is expected to drop lower towards at least 1.2200 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Mourad El Keddani,
Analytical expert of InstaSpot
© 2007-2024
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