FX.co ★ Short-term technical analysis on EURUSD for May 24, 2021

EURUSD remains in a bullish trend as price is still inside the bullish channel. EURUSD so far made a double bottom at 1.2160 area and if resistance at 1.2240 is broken, we should then look for a move towards 1.23 and higher.

Red rectangle - resistance

Blue rectangle - support

EURUSD has confirmed support around 1.2150-1.2160 and resistance at recent highs of 1.2240. For the short-term trend to remain bullish, price needs to break above 1.2240. Breaking below support of 1.2150 will open the way for a bigger pull back towards 1.2050-1.20. Until the traders need to be cautious.