FX.co ★ Technical analysis of EUR/USD for May 29, 2015

Technical outlook and chart setups:

The EUR/USD pair bounced off 1.0865 yesterday, trying to hit 1.1032 on the higher side, as depicted on the hourly chart . The pair is trading at 1.0960/70 now. Bulls remain in control until prices stay above 1.0800. Also, please note that the pair has produced a bullish morning star candlestick pattern at the fibonacci 0.618 support on the daily chart. This indicates a potential reversal. It is hence recommended to remain long from yesterday with risk below 1.0800. Immediate support is seen at 1.0867 followed by 1.0818 and lower. Resistance is seen at 1.1200 and higher respectively.

Trading recommendations:

Remain long, stop is at 1.0700, a target is above 1.1450.

Good luck!