Technical Analysis for EURUSD for 10th May 2023
Euro Slips Below Trade Range in Distribution, Back to 1.0730?
Past Performance of EURUSD
The euro uptrend could be over, reading from the price action in the daily chart. For the first time in roughly seven weeks, USD bulls pushed prices below the middle BB or the 20-day moving average. This follows the high volume rejection of higher prices on May 4 from around the 1.1100 primary resistance.
EURUSD Technical Analysis
The breakout below the dynamic support is with light volumes, nearly half those posted on May 4 when a double bar bear pattern printed. With the Euro reversing gains and prices falling below the critical support at the middle BB and 1.0965, traders can look for entries. As it is, every attempt towards the recent trade range may offer entries for sellers targeting 1.0730. This preview will be null once the Euro rallies above 1.1100, with high participation levels preferably exceeding those of May 4.
What to Expect from EURUSD
After weeks of higher highs, the upside momentum is fading, allowing USD bulls to take charge. Any confirmation of yesterday’s losses could begin another leg down. The next support is 1.0730 marking the 61.8% Fibonacci level of the March to April trade range.
Resistance level to watch out for: 1.1100
Support level to watch out for: 1.0730
Disclaimer: Opinions expressed are not investment advice. Do your research.
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