Today’s forecast for the EURUSD: EURUSD analysis  24.05.2022

The single European currency continues strengthening against the US dollar. The short-term trend is ascending. The growth target is the Target Zone 2 at 1.0752 – 1.0733. If the price breaks out the Target Zone 2, the next target will be the Golden Zone 2 at 1.0839 – 1.0829.

New longs could be opened on corrections from strong support levels, such as the Additional Zone 1.0672 – 1.0667 and the Intermediary Zone 1.0624 – 1.0615. The Intermediary Zone serves as the short-term uptrend’s limit.

If the Intermediary Zone is broken out to the downside and the price consolidates below, the trend will reverse down. We will then consider short trades. 

Trading plan for EURUSD for today:

  1. Buy according to the pattern from Additional Zone 1.0672 – 1.0667.
    TakeProfit: Target Zone 2, 1.0752 – 1.0733.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 1.0624 – 1.0615.
    TakeProfit: Target Zone 2, 1.0752 – 1.0733.
    StopLoss: according to pattern rules.

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