EURUSD Strikes Above 1.2200 Area – Bulls to Continue Further?


EURUSD bulls have regained momentum and broke over 1.2150 to 1.2180 resistance level. EURUSD strikes above 1.2200 significant area. Bulls to continue the bullish pressure further in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis. 

May 24, 2021, | AtoZ Markets – EURUSD is currently trading around 1.2215 area and trying to recover higher. After bouncing from the dynamic level of 20 EMA, the bulls pushed the price upward and broke above 1.2150 to 1.2180 psychological event area. However, after breaking over 1.2150 to 1.2180 area, the price has become volatile and currently residing inside the ranges of 1.2150 to 1.2250 area. As per the current price action, the price may face strong resistance around 1.2240 to 1.2250 area in the coming days.

EURUSD Strikes Above as the Overall Bias Is Bullish

EURUSD is currently residing near 1.2215 area and trying to climb further upside. However, the price broke over the descending broadening pattern’s resistance on the daily chart.

EURUSD Strikes Above

Image: EURUSD 4 Hour Chart

According to the 4-hour chart, EURUSD strikes above and currently trading around 1.2215 area. As per the current price action, the price may recover upside towards 1.2240 to 1.2250 area in the process. So, if the price recovers towards 1.2240 to 1.2250 area and rejects with a bearish candle close, the bears may regain momentum and push the price down towards 1.2180 to 1.2150 area again in the days ahead. Alternatively, if the price can break above 1.2240 to 1.2250 area with an impulsive bullish candle, the bulls may continue the bullish pressure towards 1.2330 to 1.2350 key area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level of 20 EMA may work as strong support to push the price upward. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands’ upper band is currently residing near 1.2240 to 1.2250 area, which may work as strong resistance in the days ahead.

EURUSD May Sustain the Bullish Trend

According to the daily chart, EURUSD strikes above as the bulls are optimistic. As per the current scenario, if the price can break over 1.2240 to 1.2250 area with an impulsive daily bullish candle close, the bulls may sustain the bullish trend towards 1.2330 to 1.2350 area as a first target. The second target will be 1.2480 to 1.2500 area if the price can break above 1.2330 to 1.2350 resistance level in the coming days.

EURUSD Strikes Above

Image: EURUSD Daily Chart 

Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may carry the price as strong support. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as the price broke above the descending broadening pattern’s resistance, there is a high chance that the bulls may continue the bullish trend further upward in the coming days. 

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