May 5, 2023 : EUR/USD Intraday technical analysis and trading plan.
May 5, 2023 7:23 pm
The EUR/USD pair has recently returned to levels around 0.9600, which were last reached in 2002, leading to a significant bullish recovery, especially around this critical support level.
Although the nearest resistance level at 1.0100 did not apply enough bearish pressure, there was strong bullish price action around the lower edge of the depicted movement channel. This resulted in the achievement of successive bullish targets at 1.0250, 1.0500, and 1.0600.
In addition, the price action around the key level of 1.0550-1.0600 was also bullish, resulting in further bullish continuation towards 1.0800.
Furthermore, there is a chance of further bullish advancement towards the nearest resistance zone around 1.1150-1.1200. On the other hand, any bearish correction towards the price levels of 1.0000 should be considered as a valid long-term buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair has recently returned to levels around 0.9600, which were last reached in 2002, leading to a significant bullish recovery, especially around this critical support level.
Although the nearest resistance level at 1.0100 did not apply enough bearish pressure, there was strong bullish price action around the lower edge of the depicted movement channel. This resulted in the achievement of successive bullish targets at 1.0250, 1.0500, and 1.0600.
In addition, the price action around the key level of 1.0550-1.0600 was also bullish, resulting in further bullish continuation towards 1.0800.
Furthermore, there is a chance of further bullish advancement towards the nearest resistance zone around 1.1150-1.1200. On the other hand, any bearish correction towards the price levels of 1.0000 should be considered as a valid long-term buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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