EURUSD Technical Analysis – May 24, 2021

EURUSD fell on Friday, and the technical bias is bullish due to higher lows in the recent uptrend.

The pair is currently trading near 1.21850, and multiple resistance levels can be seen above which pay prevent the price from rising further.

  • Resistance level 1: 1.22100
  • Resistance level 2: 1.22450
  • Resistance level 3: 1.22850

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 1.21600
  • Support level 2: 1.21350
  • Support level 3: 1.20700

Germany will announce the GDP data for the first quarter on Tuesday. Higher data will be favorable for the Euro, so it is bullish for the EURUSD currency pair, and vice versa.

Looking at the price trend and economic development it may be a good trading choice to buy the pair near the current level.