Market news
20.05.2022, 08:53

EUR/USD to enjoy additional gains toward 1.0660 if buyers reclaim 1.06

EUR/USD has climbed to a fresh two-week high. As FXStreet’s Eren Sengezer notes, the technical outlook suggests that additional gains could be witnessed in case 1.06 is confirmed as support.

Next bullish target aligns at 1.0660

“On the upside, 1.06 aligns as first resistance. If that level is confirmed as support, the pair could target 1.0640 (static level) and 1.0660 (200-period SMA) afterwards.”

“On the flip side, 1.0550 (former resistance, static level) could be seen as first support. With a four-hour close below that level, buyers could start booking their profits and cause the pair to retreat toward 1.0520 (ascending trend line, 50-period SMA) and 1.05 (psychological level).”


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