Sun, May 22, 2022 @ 23:28 GMT
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Daily Technical Analysis


During yesterday’s trading session, the bulls have managed to violate the critical resistance level at 1.1360, taking out the currency pair from the range it has been trading in for quite a while. The expectations are for the euro to continue to appreciate against the U.S. dollar, but only a successful breach of resistance at 1.1450 would pave the way for the pair towards 1.1500. Before a possible upward movement is to develop, however, we may first witness a short correction towards 1.1400. During today’s session, there are no economic news that could spark volatility, except for the PPI data for the U.S at 13:30 GMT.


After the successful breach of the support at 115.00, the downward movement was limited to the support at 114.28. The expectations are for the pair to test the mentioned support and a successful breach here would head the price towards the next level at 113.75. A short consolidation in the range of 114.28 – 115.00, followed up by a possible test of the mentioned level, should still not be excluded.


The uptrend of the sterling still continues and the pair is currently testing the psychological level at 1.3700. A confirmed breach of this level would strengthen the positive sentiments for an appreciation towards the resistance at 1.3760. During today’s session, we may expect a short corrective move towards 1.3650 before the bulls get around to attacking the above-mentioned resistance.


The German index is in consolidation phase in the range of 15962 – 16080. A test and a successful breach of the support at 15962 may lead to sell-offs targeting 15835. In case the bulls re-enter the market and manage to violate the resistance at 16080, then it is possible that we will witness an appreciation towards 16152.


At the time of writing, the U.S. blue-chip stock index is testing the support at 36237. If the bulls manage to keep the price of the index above the mentioned support and gain just enough momentum, then we may witness a further move towards 36532. However, if the bears re-enter the market and successfully violate the support at 36237, then we should witness a decline towards 35899.

DeltaStock Inc.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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