Technical analysis of EUR/USD for May 29, 2017



  • The EUR/USD pair is showing signs of strength following a breakout of a high at 1.1129 (pivot point). The level of 1.1129 coincides with 78.6% of Fibonacci, which is expected to act as a minor support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. At the same time, the major support is seen at the level of 1.1129. Furthermore, the trend is still showing strength above the moving average 100. Thus, the market is indicating a bullish opportunity above the support levels, for this reason, the bullish outlook remains valid as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 1.1129 providing a clear signal to buy with a target seen at 1.1211. If the trend breaks the minor resistance at 0.6621, the pair will move upwards continuing the bullish trend development to the level of 1.1272 in order to test the daily resistance 1. Moreover, the second resistance is seen at the level of 1.1330.

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Source:: Technical analysis of EUR/USD for May 29, 2017

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