FX.co ★ Technical analysis of EUR/USD for May 21, 2015

Overview:

• The EUR/USD pair has rebounded from minor support at the level of 1.1105. Now, it is approaching its support in order to test it. In the H4 chart, the price has opened above the minor support at 1.1110. Moreover, it should be noted that the price of 1.3285 represents the daily pivot point. The weekly pivot point coincides with the ratio of 61.8% Fibonacci retracement levels at the same time frame. It is likely to start upside movement in this area and recover it again. Thus, the EUR/USD pair has been calling for a bullish market from the level of 1.1110 today. As a result, it will be a good sign to buy at this spot (1.1110 ) with the first target at 1.1231 (it should be noted that this level will form the weekly support 1) and continue towards 1.1264 to form a new double bottom. On the other hand, in case of a break of 1.1100, a good place for stop loss is seen below the level of 1.1100.

Technical levels:

Pair: EUR/USD

• The price will be moving between 1.1100 and 1.1264 in coming days.
• Projected high: 1.1311.
• Strong resistance (sell limit): 1.1264. The resistance will be set at the price of 1.1264.
• Current pivot: 1.1105
• Breakout (sell stop): 1.1100. The support will be set at the price of 1.1100.
• Projected low: 1.1012