Looking at EURUSD’s Chart, we can see the spike into the 1.062 from the 1.052 range on the 5th of May but unable to consolidate if fell to the 1.048 where it found support. Since then it managed to climb to the 1.06 level but again a retraction followed to the 1.05. During yesterday’s session it moved towards the 1.058 level and earlier in today’s session, we saw a fall and a base formation at the 1.052 level. It was last found trading at the 1.054 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 temporary resistance level.
(Click on image to enlarge)
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