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EURUSD Price Analysis – May 11
EURUSD confronts the risk of attempting to push higher in the fresh week of reversal and trading around the 1.0800 thresholds this Monday, restricted to a small range of 40 pips since the day commenced. Whereas, the optimism of investors simply looks for near-term guidance towards the disruptions from the coronavirus as economic activity re-opens.
Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0900
Support Levels: 1.0768, 1.0721, 1.0635
EURUSD Long term Trend: Ranging
As seen in the daily chart, resistance appears at level 1.0900 through which a breach transforms risk to level 1.0950. A violation of that as well reaches the level of 1.1000. Even farther upward, resistance is also at level 1.1050.
Alternatively, on the contrary, support comes in at level 1.0812 with such a breach leaving the door open to more declines towards level 1.0800. Lower down, support stands at level 1.0768. A breakthrough that level may open the path for a transition to level 1.0721. Overall, EURUSD is aiming for further risks to recovery.
EURUSD Short term Trend: Ranging
EURUSD ‘s pattern stays constant, and its intraday bias holds firm. The corrective trend may advance much beyond level 1.0635. On the upside, the bias for the 1.0900 resistance level may transform over beyond the 1.0860 minor resistance level to the upside.
As a whole, although, recovery will be constrained by a retracement of 61.8 percent from 1.1495 to 1.0635 at 1.1146 levels as shown more explicitly on the larger time frame. On the downside, a break of 1.0721 level may aim at a low-level test of 1.0635.
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 results
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