EURUSD Price Analysis – May 31
On Monday, the EURUSD trades in a limited range as daily volatility continues around 1.2200. Despite a broad-based stabilization in global markets and a lack of volatility following the US markets’ inactivity due to the Memorial Day weekend, the single currency trades without a clear direction.
Key Levels
Resistance Levels: 1.2413, 1.2350, 1.2266
Support Levels: 1.2150, 1.2100, 1.2050
Last week, the EURUSD reached new 4-month highs nearing 1.2270 before sellers pulled it down to the 1.2130 zones, where there has been some solid contest thus far. As of now, the pair is up 0.07 percent at 1.2200, with the following resistance levels being 1.2266 (monthly high May 25), 1.2300 level, and lastly 1.2349. (2021 high Jan.6).
A break below 1.2132 (low May 28) would target 1.2051 low of May 13 en route to 1.1985 on the other hand. In a broader sense, the EURUSD is expected to maintain its bullish bias as long as it trades above May 5 lows at 1.1985 sitting at the confluence of the horizontal support line and ascending trendline.
The EURUSD intraday bias has shifted to neutral, with the 4-hour Relative Strength Index remaining above its midpoint. On the downside, a strong break of the 1.1985 support level should establish that the consolidation pattern that began in 1.2348 has entered its third phase.
The price would then drop much more, returning to the 1.1703 support level. Above 1.2266, however, the rally from 1.1703 will resume, with a retest of the 1.2349 high. The short-term bias is bearish, although any drop is unlikely to reach the main support zone near 1.1850. On a shorter-term basis, May’s low near 1.1985 is already a solid support level.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result
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