Today’s forecast for the EURUSD: EURUSD analysis 31.05.2022

Yesterday, market participants broke out the Target Zone 1.0752 – 1.0733. The next buying target is the Gold Zone 1.0839 – 1.0829. 

Today the pair has corrected and tested the Additional Zone 1.0738 – 1.0734 — a strong support level from which new longs can be opened with a target at yesterday’s high.

If the Additional Zone is broken to the downside, the correction might continue with a target at the trend boundary, 1.0697 – 1.0681. After the trend boundary is tested, we will consider new longs with the same targets, in the first place.

To sell the euro, market participants need to break out the trend boundary and consolidate below during the US session. In that case, the selling target will be the lower Target Zone 1.0594 – 1.0575. 

Trading plan for EURUSD for today:

  1. Buy according to the pattern from Additional Zone 1.0738 – 1.0734.
    TakeProfit: 1.0785.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 1.0697 – 1.0681.
    TakeProfit: 1.0785.
    StopLoss: according to pattern rules.

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