FX.co ★ May 16, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair fell to 0.9600, a level not seen since 2002, and then rebounded strongly, especially near this critical support level.

The next resistance level at 1.0100 did not deter the bulls, who lifted 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 controlled 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 nearest resistance zone around 1.1150-1.1200. On the other hand, any bearish pullback to the price levels of 1.0000 should be seen as a good long-term buying opportunity.