FX.co ★ May 12, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair dropped to 0.9600, a level last seen in 2002, and then bounced back strongly, especially near this crucial support level.

The next resistance level at 1.0100 did not stop the bulls, who pushed the prices higher along the bottom of the shown movement channel. This led to reaching new bullish targets at 1.0250, 1.0500, and 1.0600.

Moreover, the bulls also dominated the price action near the important level of 1.0550-1.0600, resulting in more bullish continuation towards 1.0800.

Besides, there is a possibility of more bullish movement towards the closest resistance zone around 1.1150-1.1200. On the flip side, any bearish pullback to the price levels of 1.0000 should be seen as a good long-term buying chance.