EURUSD Loses Upside Traction While Extending Past the 1.1000 Level Near Term Resistance

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EURUSD Price Analysis – May 21

During Thursday’s American session, the EURUSD pair tested the 1.10 threshold upside down and was seen 0.20 percent lower on the day. The FX pair extends the recovery and flirts past the level of 1.1000 towards the main barrier potential test in the region of 1.1055 and later lost momentum. PMIs in the Eurozone have, for the most part, surpassed anticipations and yet stay depressed.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.1055
Support Levels: 1.0900, 1.0784, 1.0635

EURUSD Long term Trend: Ranging
EURUSD ran out of steam on the daily chart after reaching the level at 1.1008. The daily bias shifts to the downside. The long term outlook is nevertheless unchanged as the corrective trend from level 1.0635 continues.

A further decrease could be seen from the resistance level 1.0990 beneath level 1.0950. Yet in that scenario, a retracement of 61.8 percent from 1.1495 to 1.0635 at 1.1236 levels may restrict the upside. On the downside, a breach of 1.0784 level may transform bias back to the downside for low level 1.0635 retesting.

EURUSD Short term Trend: Ranging
The EURUSD pair already is breaking the 1.0950 key support level which is a crucial handle. Consequently, the level of critical resistance above at the horizontal line is located around the 1.0990 level just pips 40 pips beyond this threshold.

Thereby, traders may be selling underneath level 1.0950 with the stop-loss of around level 1.0990. Furthermore, so unless the pair leaps past the level of 1.0990, these stop-losses might be reached, which may drive the pair much further, reaching 1.1020 level in the initial response.

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