FX.co ★ Trading plan for EURUSD for May 24, 2021

Technical outlook:

EURUSD is extremely close to carving a major top after having reached 1.2245 levels least week. EUR bears remain poised to take control back soon and a break below 1.2051 confirms a potential bearish reversal. A remote possibility for a push above 1.2245 remains before bears are back again in control. Would be interesting to see the price action unfolding in the next few days.

EURUSD is seen to be trading close to 1.2200 handle at this point in writing and is expected to find resistance around 1.2210 levels intraday. Immediate resistance is seen towards 1.2245 mark; while support is at 1.2051 levels respectively. A push above 1.2245 can test and find resistance around 1.2260 levels, going forward.

EURUSD structure is looking bearish below 1.2350 levels, as potential remains for a drop towards 1.1300 levels at least. The fibonacci extensions on daily chart indicates potential towards 1.0636 levels as well. A break below 1.2160 before registering a new high above 1.2245 also indicates a potential trend reversal.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1300 and further.

Good luck!