FX.co ★ Technical analysis of EUR/USD for May 30, 2016

Overview:

• The EUR/USD pair continues moving in a bullish trend from the support levels of 1.1097 and 1.1100 this morning. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. But the price is still below the moving average (100), immediate resistance is seen at 1.1155, which coincides with the ratio 23.6% of Fibonacci. Consequently, the first resistance is set at the level of 1.1155. So, the market is likely to show signs of a bearish trend below the spot of 1.1155. In other words, sell orders are recommended below the price of 1.1155 with the first target at the level of 1.1100. Furthermore, if the trend is able to break out through the first support level of 1.1097. We should see the pair falling towards the major support at 1.1069 to test it. Also, it should be noticed that support 2 is seen at the level of 1.1023. On the other hand, it would also be wise to consider where to place stop loss; this should be set above the second resistance of 1.1201.