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.

1 2
View single page >> |

Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.