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Technical analysis

12.05.202112:37 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 12, 2021

• 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.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Mourad El Keddani,
Analytical expert of InstaSpot
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