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EURUSD technical analysis 29.05.2020


The pair is trading above 1.1070 amid the finally emerging certainty of the EU economic recovery plans. The decision to create a multibillion dollar bailout fund supports EUR. An additional stimulus for the pair’s growth is the weaker interest in the US dollar as a safe haven currency, as strong economies are lifting the quarantine. Expect that the pair’s upward trend to continue next month.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought zone and continues to grow. Stoch demonstrate similar movement.

Trading recommendations:

Buy the pair after a corrective decline to 1.1070, but only if this level holds. Expect the pair to resume growth to 1.1145, and then to 1.1200.

The EURUSD rate online: monitor the movement of the pair in real time.

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