EURUSD Analysis – May-29-2024
The EUR/USD pair is trading in an uptrend at approximately 1.084 in today’s session. The pair bounced from the 38.2% Fibonacci retracement level at 1.083, a support reinforced by the ascending trendline.
EURUSD Analysis – May-29-2024
EURUSD Analysis – May-29-2024
The Relative Strength Index (RSI) is at 47, hovering below the median line, indicating that bearish momentum may resume. Additionally, the Awesome Oscillator is declining toward the zero line, currently reading 0.0006, further suggesting a strengthening bearish momentum.
EUR/USD Bullish Scenario
From a technical perspective, the primary trend remains bullish, with the current bounce from 1.088 potentially representing a consolidation phase. The uptrend is likely to continue if the EUR/USD price remains above the ascending trendline and the 38.2% Fibonacci retracement level at 1.083.
In this case, the following resistance levels are the 78.6% Fibonacci retracement at 1.087, followed by the May all-time high at 1.089.
EUR/USD Bearish Scenario
Conversely, the bullish scenario would be invalidated if the pair dips below the ascending trendline and the 23.6% Fibonacci level. Should this occur, the next support level would be at 1.080, corresponding to the May 24 low.
