EUR/USD Forecast May 31-June 4 – Investors Eye PMIs, Inflation

EUR/USD Technical Analysis

Technical lines from top to bottom:

  • 1.2412 (mentioned last week) is an important monthly resistance line.
  • 1.2303 is next.
  • 1.2242 switched to resistance after EUR/USD fell sharply on Wednesday.
  • 1.2123 is the first support level.
  • 1.2065 switched to support in mid-May when the euro started a strong rally.
  • 1.1961 is the final line for now.

I am Neutral on EUR/USD

COVID-19 is slowly receding in Western Europe as the vaccine rollout continues. In the US, a high inflation reading on Friday could renew speculation about tapering, which would be bullish for the US dollar.

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