Looking at EURUSD’s Chart, we can see the fall from the 1.05 level on the 13th of May to the 1.035 range, extending the month’s long downward trend as the dollar gains traction. It formed support at the 1.035 level and since then it managed to climb steadily to the 1.0425 range on the 17th of May and on the 18th of May it spiked upwards, reaching the 1.055 level, and reaching as high as 1.058. However, it didn’t manage to consolidate at that level, and it experienced a retraction, falling back towards the 1.045 level forming temporary support earlier in today’s session. It was last found trading in the 1.048 range.
Today we could expect a move towards and below the 1.045 the closest temporary support level.
If however, it manages to hold on to the current range then a move towards the 1.058 closest temporary resistance level can be expected.
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