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EUR/USD Technical Forecast Update 20 May 21

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The EUR/USD is currently testing the strong technical region of 1.22.

EURUSD Hourly Chart

Technical Analysis

After breaching the 1.22 region for around a day, bearish pressure worked to send it back below. It is evident that a background bullish pressure remains as we see the EUR/USD climb back towards 1.22.

These are the possible resistances and supports.

Resistance
1.2240
1.2225
1.2210 (Upper bollinger band)
1.22

Support
1.2185 (Middle bollinger band)
1.2165 (Lower bollinger band)
1.2150
1.2135

It is important to remember that sentiment influences short-term price action. Be sure to follow an economic calendar so that you will not be caught unaware.

These are up next.

USA Philly Fed Manufacturing Index
This survey of manufacturers is important as the sentiment of businesses is a leading indicator of economic health. A healthy sentiment suggests that an economy is moving along well and with the activities of the businesses, downstream benefits will happen such as employment and investment.

USA Unemployment Claims
Employment is a fundamental component of the economy as it leads to consumer spending and hence retail sales. A low unemployment rate is an indicator of a healthy functioning economy, while a high unemployment rate suggests a challenging economic climate.

Do read the 17 May 21, EUR/USD Weekly Forecast.

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