Relevance up to 03:00 2020-05-23 UTC–5
The EUR/USD pair rebounded from the top point of 1.0976 to the daily pivot point (1.0896). Right now, the price is trading around the spot of 1.0900. Amid the previous events, the price is still moving between the levels of 1.0871 and 1.0976. In the H1 time frame, resistance and support are seen at the levels of 1.0976 (also, the double top is already set at the point of 1.0976) and 1.0871 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed. The current price is seen at 1.0871, which represents the key level today. The level of 1.0976 will act as the first resistance line. Hence, if the pair fails to pass through the level of 1.0976, the market will indicate a bearish opportunity below the strong resistance level of 1.0976. Sell deals are recommended below the level of 1.0976 with the first target at 1.0871. If the trend breaks the support level of 1.0871, the pair is likely to move downwards continuing the bearish trend development to the level 1.0765. However, the price spot of 1.0765 remains a significant support zone. So, the trend will probably be rebounded again from the double bottom as long as the level of 1.0765 is not broke. Even though, the trend seems like tending to bullish market.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Mourad El Keddani,
InstaForex Group © 2007-2020
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