You are here: Home > articles > Forex > May 8, 2023 : EUR/USD Intraday technical analysis and trading plan.
May 8, 2023 : EUR/USD Intraday technical analysis and trading plan.
May 8, 2023 8:23 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
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
Related Posts: