FX.co ★ Trading plan for EURUSD on May 30, 2022

Technical outlook:

EURUSD has raised through 1.0755 until now on Monday. The single currency pair might attempt yet another high above 1.0765, which was registered over the last week. Bearish divergences are beginning to appear on lower timeframes indicating a corrective drop towards 1.0600-10 and 1.0500-10 in the near term.

EURUSD is facing resistance around 1.0920-30, followed by 1.1200 and higher; while interim support is seen at the 1.0348 mark. A meaningful upswing seems to be in place between 1.0348 and 1.0765 respectively. Ideally, prices should drop from here and drag towards the 1.0510 mark, which is also the Fibonacci 0.618 retracement of the above upswing.

Alternatively, a continued push from here will test the 1.0920-30 area, followed by 1.1200 respectively. EURUSD is currently working on a larger degree downswing between 1.2266 and 1.0348. The potential remains for a push through 1.1500, which is the Fibonacci 0.618 retracement of the above drop.

Trading plan:

Potential short-term drop to 1.0510, then rally towards 1.0920 against 1.0300

Good luck!