EUR/USD: Technical Analysis and Trading Recommendations_05/27/2021
At the time of publication of this article, the EUR / USD pair is traded near the level 1.2200, remaining in the bull market zone and maintaining positive dynamics above the key support levels 1.1910 (ЕМА200 on the daily chart), 1.1980 (ЕМА144 on the daily chart).
Yesterday's correctional decline in EUR / USD stopped at the zone of important support levels 1.2197 (ЕМА200 on the 1-hour chart) and 1.2180 (50% Fibonacci level of the upward correction in the wave of the pair's decline from 1.3870, which began in May 2014).
In case of renewed growth, EUR / USD will head towards the upper border of the ascending channel on the weekly chart and the mark of 1.2450.
More distant growth targets are located at resistance levels 1.2500, 1.2580 (61.8% Fibonacci level and 2018 highs), 1.2600.
In the alternative scenario and after the breakdown of the support levels 1.2101 (ЕМА200 on the 4-hour chart), 1.2075 (ЕМА50 on the daily chart), EUR / USD will resume its decline towards the key support levels 1.1980, 1.1910, and the breakout of the support level 1.1590 (ЕМА200 and ЕМА144 on the weekly chart) will increase the risks of a resumption of the long-term bearish trend in EUR / USD.
The first signal for the implementation of this scenario will be a breakdown of the support level 1.2180.
Support levels: 1.2197, 1.2180, 1.2101, 1.2075, 1.2000, 1.1980, 1.1910, 1.1780, 1.1710
Resistance levels: 1.2260, 1.2300, 1.2340, 1.2450, 1.2580, 1.2600
Sell Stop 1.2170. Stop-Loss 1.2225. Take-Profit 1.2101, 1.2075, 1.2000, 1.1980, 1.1910, 1.1780, 1.1710
Buy Stop 1.2225. Stop-Loss 1.2170. Take-Profit 1.2260, 1.2300, 1.2340, 1.2450, 1.2580, 1.2600