May 9, 2023 : EUR/USD Intraday technical analysis and trading plan.
May 10, 2023 1:23 pm
After reaching 0.9600, a level last seen in 2002, the EUR/USD pair has bounced back strongly, showing a significant bullish trend, especially near this crucial support level.
The next resistance level at 1.0100 did not stop the bullish momentum, and the price moved up sharply along the lower border of the depicted channel.
This led to the attainment of consecutive bullish targets at 1.0250, 1.0500, and 1.0600.
Moreover, the price behavior around the key zone of 1.0550-1.0600 was also positive, resulting in more bullish continuation towards 1.0800.
Additionally, there is a possibility of further bullish movement towards the closest resistance zone around 1.1150-1.1200.
On the contrary, any bearish pullback towards the price levels of 1.0000 should be seen as a valid long-term buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
After reaching 0.9600, a level last seen in 2002, the EUR/USD pair has bounced back strongly, showing a significant bullish trend, especially near this crucial support level.
The next resistance level at 1.0100 did not stop the bullish momentum, and the price moved up sharply along the lower border of the depicted channel.
This led to the attainment of consecutive bullish targets at 1.0250, 1.0500, and 1.0600.
Moreover, the price behavior around the key zone of 1.0550-1.0600 was also positive, resulting in more bullish continuation towards 1.0800.
Additionally, there is a possibility of further bullish movement towards the closest resistance zone around 1.1150-1.1200.
On the contrary, any bearish pullback towards the price levels of 1.0000 should be seen as a valid long-term buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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