31.05.202208:26 Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 31, 2022

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Technical Market Outlook:

The EUR/USD pair has been trading inside the bullish zone and the bulls are in control of the market with the next target located at 161% Fibonacci extension at 1.0805. This level might terminate the upward cycle as it is a price target for the wave 5 as well (the local high was made 19 pips away from the wave 5 price target so far). The strong and positive momentum support the short-term bullish outlook for Euro. The immediate technical support is located at 1.0654 and 1.0631 (the previous resistance levels) and if this level are clearly violated, the upwards cycle might be terminated. The breakout below the level of 1.0567 invalidates the impulsive wave pattern.

Weekly Pivot Points:

WR3 - 1.1043

WR2 - 1.0898

WR1 - 1.0827

Weekly Pivot - 1.0691

WS1 - 1.0625

WS2 - 1.0485

WS3 - 1.0411

Trading Outlook:

The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bearswill push the price lower towards the next long-term target at the level of 1.0336 or below.

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