Did we reach the bottom for EUR/USD?

15 May 2022

We've been trending down for weeks on the euro due to the immense strength of the dollar, but are we finally gonna see some relief?? As you can see, we reached a colossal support on the monthly which is 1.034-1.038 level and expecting a bounce from there. We formed a double bottom on lower timeframes and we have a potential Inverse head and shoulders that could start to form starting next week. We can also see a bullish divergence on the RSI and a bearish one on the DXY chart. Targets are: 1.0465-1.056-1.074. A break of 1.034 level would be a real danger for the euro and could possibly lead us towards 2001 area which is 0.96!