FX.co ★ Technical analysis of EUR/USD for May 23, 2016

Overview:

• The EUR/USD pair is trading around the area of 1.1200. Today, the level of 1.1200 represents a daily pivot point in the H1 time frame. The pair has already formed minor resistance at 1.1250 and the strong resistance is seen at the levels of 1.1320 and 1.1348 (the level of 1.1348 represents the double top). So, major resistance is seen at 1.1320 - 1.1348, while immediate support is found at 1.1179. If the pair closes below the level of 1.1179, the EUR/USD pair may resume it movement to 1.1151. From this point, we expect the EUR/USD pair to move between the levels of 1.1151 and 1.1320 in coming days. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. Thus, the major support is seen at 1.1151. On the other hand, if the EUR/USD pair fails to break through the level of 1.1151 today, the market will move upwards continuing the development of the bullish trend to the level 1.1250. As a result, buy above the support of 1.1151 with targets at 1.1250, 1.1320, and 1.1348.