Looking at EURUSD’s Chart, we can see the fall from the 1.058 range on the 3rd of May to the 1.05 range on the 3rd of May and the formation of the support at the 1.049 level. During the 5th of May session, we saw a spike from the 1.055 range to the 1.062 range, momentarily reaching as high as 1.064, but the move faded after that, returning to the 1.055 level. On Friday’s session, it fell lower, forming support in the 1.048 range and quickly rebounding to the 1.06 once again. Earlier today it fell lower, close to the support level of 1.049 and it was last found trading at the 1.050 range.
Today we could expect a move towards and below the 1.048 support level.
If however, it manages to hold on to the current range then a move towards the 1.058 closest resistance level.
(Click on image to enlarge)
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