FX.co ★ Technical Analysis of EUR/USD for May 14, 2021

Technical Analysis of EUR/USD for May 14, 2021

Technical Analysis of EUR/USD for May 14, 2021

Overview :

The GBP/USD pair continued moving upwards from the level of 1.4025. The pair rose from the level of 1.4025 (weekly support) to the top around 1.4095.

Today, the first support level is seen at 1.4025 followed by 1.3983, while daily resistance is seen at 1.4199.

According to the previous events, the GBP/USD pair is still moving between the levels of 1.4025 and 1.4166; for that we expect a range of 141 pips in coming hours.

This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 1.4166, we should see the pair climbing towards the new double top (1.4166) to test it. Second target - 1.4217.

On the contrary, if a breakout takes place at the support level of 1.3983, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.3886.

Forecast :

Strong support will be formed at the level of 1.4025 providing a clear signal to buy with the targets seen at 1.4166. If the trend breaks the support at 1.4166 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.4217 in order to test the daily resistance 2.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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