FX.co ★ Technical Analysis of EUR/USD for May 23, 2022

Technical Market Outlook:

The EUR/USD pair has bounced from the lows seen at the level of 1.0349 last week and continues to move higher. Currently, bulls has broken above the technical resistance located at 1.0532 (now intraday support) and are heading towards the neutral market zone located between the levels of 1.0631 - 1.0654. Any violation of this zone would change the short-term outlook to more bullish as the market would have entered the bullish zone. The strong and positive momentum support the short-term bullish outlook for Euro.

Weekly Pivot Points:

WR3 - 1.0888

WR2 - 1.0735

WR1 - 1.0635

Weekly Pivot - 1.0526

WS1 - 1.0448

WS2 - 1.0311

WS3 - 1.0227

Trading Outlook:

The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.