31.05.202204:58 Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2022

Following the plan we described yesterday, the euro reached the target level of 1.0780 and turned down from it. The daily Marlin Oscillator supports this reversal. Now our attention is on the MACD indicator line (1.0693) – if the price overcomes it, then we can aim for the 1.0600 target. If the price does not overcome that level, then it may turn around to reach a higher level at 1.0830.

Exchange Rates 31.05.2022 analysis

On the H4 chart, the price divergence with the oscillator has changed somewhat over the past day, but retains its influence. The signal line of the oscillator is in negative territory again. The MACD line here almost coincides with the MACD line on a daily scale. The 1.0693 level is of particular importance due to the coincidence of the indicator of different timeframes on it. As a result, the probability of working off 1.0600 with the price going lower, to the levels of 1.0493 and 1.0340, increases.

Exchange Rates 31.05.2022 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.