FX.co ★ Indicator analysis. Daily review of EUR/USD for May 31, 2021

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.2190 (closing of Friday's daily candlestick) with the target at the historical resistance level 1.2234 (blue dotted line). When testing this level, the upward trend may continue with the target at 1.2266 - the upper fractal (red dotted line). If this level is tested, the price may continue to move upward with the target at 1.2339 - the upper border of the Bollinger line indicator (black dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today, the price may continue to move upward from the level of 1.2190 (closing of Friday's daily candlestick) with the target at the historical resistance level 1.2234 (blue dotted line). When testing this level, the upward trend may continue with the target at 1.2266 - the upper fractal (red dotted line). If this level is tested, the price may continue to move upward with the target at 1.2339 - the upper border of the Bollinger line indicator (black dashed line).

Alternative scenario: from the level of 1.2190 (closing of Friday's daily candlestick), the price will continue to move upward with the target at the historical resistance level 1.2234 (blue dotted line). When testing this level, a downward rollback may begin with the target at 1.2184 - a 14.6% pullback level (red dashed line).