Technical analysis EURUSD for 23.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Blue is directed downward, while red remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.08910. The closest support is the level 1.07400

Key levels

1.10540, 1.09800, 1.08910, 1.07400, 1.07020, 1.06740

Trading scenario

Recommended opening long positions (Buy Stop) from the level of 1.08910, with Take Profit of 1.09800 and Stop Loss of 1.07775

Alternative scenario

Recommended opening short positions (Sell Stop) from the level of 1.07400, with Take Profit of 1.07020 and Stop Loss of 1.07775