FX.co ★ Technical analysis of EUR/USD for May 13, 2021

The EUR/USD pair will continue to rise from the level of 1.2032. The support is found at the level of 1.2032, 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 1.2032, while immediate resistance is seen at 1.2107.

Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.2032. So, buy above the level of 0.9887 with the first target at 1.2032 in order to test the daily resistance 1 and move further to 1.2107.

Also, the level of 1.2182 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 1.2032 to 1.2182 today.

At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2032, a further decline to 1.1986 can occur, which would indicate a bearish market.