FX.co ★ Technical analysis of EUR/USD for May 31, 2022

The EUR/USD pair continues to move upwards from the level of 1.0662. Today, the first support level is currently seen at 1.0662, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.0662, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the EUR/USD pair to trade between 1.0662 and 1.0787.

So, the support stands at 1.0662, while daily resistance is found at 1.0787. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0662.

In other words, buy orders are recommended above the spot of 1.0662 with the first target at the level of 1.0787; and continue towards 1.0840.

However, if the EUR/USD pair fails to break through the resistance level of 1.0787 today, the market will decline further to 0.6003.