EURUSD Price Analysis – June 1
In the single currency, the upside traction stays well and tone for yet another session on Monday and is pushing EURUSD at an intray high of 1.1154 level to fresh 2-month highs. Nonetheless, the prevalent improved risk-on situation continues to lend support to the dollar retreat in pursuit of more volatile pairs and thus boost the pair to levels last seen in the mid-1100s of late March.
Key Levels
Resistance Levels: 1.1495, 1.1366, 1.1236
Support Levels: 1.1020, 1.0870, 1.0635
EURUSD Long term Trend: Ranging
At the beginning of the week, EURUSD flirts with the main resistance area around 1.1146 marks. The pair is currently advancing 0.13 percent at level 1.1108, and a breach beyond level 1.1154 (high) may attempt level 1.1286 (61.8 percent rally) heading to level 1.1236 (high). On the other hand, the initial objection arises at level 1.1020 (MA 5), followed by level 1.0950 (MA 13), and finally level 1.0870 (low).
In the wider sense, the downward trend is still on the way as long as 1.1495 resistance level holds. Nevertheless, a continuous breach of 1.1495 level may contend that such a downward trend is over. An increase from level 1.0635 may then be seen as the 3rd phase of the trend from the low level at 1.0339. In this scenario, the trend is rendered bullish for a 1.1495 level retest.
EURUSD Short term Trend: Bullish
Intraday bias in EURUSD for further rise stays on the upside. Price activities from 1.0635 level may be seen as a corrective trend. Its growth potential may be constrained at 1.1236 levels by a pullback of 61.8 percent from 1.1495 to 1.0635.
On the downside, resistance altered support under 1.1020 level may turn intraday bias to the downside for support level 1.0870. Continuous breach of 1.1146 level would nevertheless open the path for the next primary resistance level of 1.1495.
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